China’s recent policy shift toward its so-called “Shadow Fleet” has major implications for sanctioned oil exporters in Russia, Iran, and Venezuela. Official figures suggest that the percentage of sanctioned oil in China’s imports nearly doubled between 2019 and 2024, casting uncertainty on the relationships among these long-time allies.

In a bold move to reshape the energy sector, President Trump has enacted two major steps aimed at ending the 14-year-long opposition to the coal industry, potentially ushering in an era of cheaper electricity.