Self explanatory chart: Oil remains bid despite the Chinese economy facing a recession or in a 'recession', due to geopolitical issues from 2022. Please refer to 'call out' notes and the season (% of change) chart from 2022, 2023 and 2024. 2024 was probably a year of stagflation - lite, Iran/Russian sanctions and possibility of Iran military action in 2025, will lead to full stagflation if China cannot come back on line.