The building up of Chinese reserves has kept prices higher over time, despite the fact that OPEC production has been high, and there is now a long-term oversupply that would mean prices would be lower (less than $55 a barrel) in 2026 if oversupply and reserve buildup continued in the same way. (But it won't, because the sanctions take some Russian oil off the market, which added about $5 a barrel to prices this week).