Pump and circumstance: is China the new OPEC?

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  The Economist.

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  Hello and welcome to The Intelligence from The Economist.

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  I'm Rosie Blaw.

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  And I'm Jason Palmer.

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  Today on the show, Brazil's strict laws on hate speech,

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  and possibly the most important lager in the world.

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  But first,

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  The impact of this war continues to ripple across the world.

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  Global oil prices jumped and stocks fell sharply on Monday in Asia.

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  The conflict has so far had a dramatic effect on the price of oil

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  due to fears that the US and oil prices rose sharply again today

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  with Iran saying it would take decisive action in response.

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  And there are reports tonight.

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  The Iran war triggered the largest supply shock in the history of oil.

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  When the Strait of Hormuz became unpassable,

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  14 million barrels of crude a day were trapped inside the Gulf.

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  Yet oil never reached the $150 a barrel many analysts predicted.

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  In an attempt to keep up supply,

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  Abu Dhabi and Riyadh increased the pipeline flow that bypassed the strait.

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  America and Japan released emergency stocks.

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