Global energy shocks are not new. This disruption comes at a moment of profound transition in the global energy system. This still amounts to barely 1%-1.3% of global oil demand, but it signals a structural shift. The energy transition could also unsettle the dollar’s long-standing dominance in global energy trade. This raises the possibility that a future energy system could be as dependent on Chinese industrial capacity — and potentially the yuan — as the old system was on dollar-denominated oil.

Source: The Hindu April 02, 2026 17:06 UTC