Before the U.S. attacked Iran, Beijing spent years and tens of billions of dollars amassing the world’s biggest stockpile of oil. Now, with the conflict likely to last for some time, those reserves have given China huge power over the global oil market—and a critical new defense against the West.

By some estimates, China’s reserves last year were nearly 600 million barrels bigger than those in the U.S. That stockpile allowed it to dramatically slash its oil imports when the war broke out, keeping a lid on global oil prices and safeguarding its own economy.

It has been a major vindication for Chinese leader Xi Jinping, who has sought to buttress China against what he sees as a hostile U.S.-led West. For decades, Chinese leaders have worried about the country’s heavy reliance on imported crude, most of which transits through straits that the U.S. or other militaries could seek to block in a conflict.

Now, the Iran crisis has demonstrated that China’s muscular energy policy has afforded Beijing a major tool it could use, for instance, in a war over Taiwan.

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Venezuelan interim President Delcy Rodriguez on Saturday touted a “historic” oil agreement with the United States announced by President Donald Trump.

Speaking during an evening address, Rodriguez celebrated the agreement, saying it would help revive Venezuela’s economy. She said the deal would remain in effect for 25 years and initially target crude production of more than 1.5 million barrels per day while preserving the South American country’s sovereignty over its natural resources.

“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said on state broadcaster VTV.

“That figure relates solely to the bilateral agreement between Venezuela and the United States,” she added.

TRUMP ANNOUNCES ‘BIGGEST OIL DEAL IN WORLD HISTORY,’ SAYS IT WILL SUBSTANTIALLY LOWER GAS PRICES

President Donald Trump announced what he called the “biggest oil deal in world history” between the United States and Venezuela, saying the agreement would increase U.S. oil supplies and lower gas prices. (Al Drago/The Washington Post/Bloomberg via Getty Images / Getty Images)

Rodriguez’s comments came after Trump announced the agreement on Truth Social on Friday, saying the U.S. had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves, which are the largest in the world.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.

The agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Rodriguez and private businesses “at no cost to the American Taxpayer,” Trump said.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump said.

US ARMY PLANS NUCLEAR MICROREACTORS AT 5 MILITARY BASES AS PART OF $2.2B ENERGY SECURITY PUSH

A Venezuelan flag waves in front of oil tanker on lake in Maracaibo, Venezuela on July 27, 2026. (Jose Isaac Bula/Anadolu via Getty Images / Getty Images)

Rubio called the agreement a “huge win” for both countries, saying it would secure “stable reserves and low-cost oil” in the Western Hemisphere while lowering U.S. gas prices.

He added that the deal would also bring nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs and help rebuild the country’s economy.

Rodriguez said the production target was only an initial goal, with broader plans to develop eight greenfield oil blocks as part of a wider energy expansion.

On Saturday, the interim president predicted that the agreement could generate more than $200 billion in revenue for Venezuela.

TRUMP ORDER COULD FORCE US UTILITIES TO REPLACE FOREIGN POWER EQUIPMENT

Venezuelan interim President Delcy Rodriguez said the 25-year oil agreement with the United States initially targets production of more than 1.5 million barrels per day. (Juan Barreto/AFP via Getty Images / Getty Images)

She also said her country retained “ownership of and sovereignty” over its natural resources, “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.”

The deal was met with praise from some members of the oil industry, including oil trader Phil Flynn.

Speaking on “Fox & Friends Weekend,” Flynn praised the agreement, arguing it could lower prices for years and that U.S. technology could transform Venezuela’s oil industry.

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“I think this is a win. It’s a generational win for Americans because it is [going to] lead to a generation of low prices,” Flynn told host Kayleigh McEnany.

FOX Business’ Jasmine Baehr and Reuters contributed to this report.

Buffett is no longer Berkshire’s CEO, but remains chairman of the board and continues to be involved in the company. He has also continued to make major investment decisions, including building what is now a $36.6 billion stake in Google’s parent company, Alphabet, in recent quarters.

Buffett took control of a struggling textile company in 1965 and transformed it into Berkshire Hathaway, now valued at more than $1 trillion, with annual after-tax operating earnings of about $45 billion.

Despite his enormous financial success, Buffett has maintained a famously simple lifestyle, including his fondness for Cherry Coke and burgers. He continues to work from an office in his hometown of Omaha, Nebraska, rather than from Wall Street.

Buffett handed over the CEO role to longtime deputy Greg Abel on January 1, 2026, and has pledged to donate the vast majority of his wealth.

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Buffett’s six decades in business have produced a long list of investing principles and memorable quotes.
Here are the 10 investing lessons from Warren Buffett:1. Don’t overpay for stocks

Buffett has built his investment philosophy around buying quality businesses at attractive prices. He has rarely bought at more than 15 times forward earnings, maintaining discipline even when investing in high-profile companies such as Apple and Coca-Cola.

The approach puts downside protection ahead of potential upside. By analysing businesses closely and focusing on predictable cash flows and clean balance sheets, investors can reduce the risk of permanent losses during market downturns.

2. Be patient, but take profits when needed

Patience has been one of Buffett’s defining characteristics. Berkshire’s capital structure has allowed him to hold some stocks for decades rather than trade around quarterly results.

Buffett has famously said, “Our favourite holding period is forever.” His long-term holdings have included Coca-Cola, American Express and Wells Fargo.

At the same time, he has trimmed or exited major positions in companies including Apple, Bank of America, JPMorgan Chase, Goldman Sachs, Citigroup and Paramount Global in recent years.

Buffett has also openly acknowledged his investment mistakes, including what he described as his “most gruesome” investment in the bankrupt Dexter Shoe Co.

3. Stick with what you know

Buffett has repeatedly stressed the importance of staying within one’s “circle of competence.”

“You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.”

Buffett famously avoided technology stocks during the dot-com boom of the late 1990s because he believed forecasting the long-term survival of young technology companies was outside his expertise.

The Nasdaq subsequently collapsed by as much as 75% between 2000 and 2002.

When Berkshire eventually made a substantial investment in Apple in 2016, Buffett based the decision on consumer habits and brand loyalty rather than technology itself.

4. Keep emotions out of investing

Buffett has repeatedly emphasised the importance of maintaining an even keel during financial crises and market downturns.

At Berkshire’s 2025 annual shareholders meeting, he told investors to “check your emotions at the door when you invest.”

He put the principle into practice following the 1987 US market crash, investing roughly $1 billion in Coca-Cola in 1988 and 1989. By 2025, Coca-Cola’s share price alone had climbed nearly 2,800% from his original purchase price.

During the 2008 global financial crisis, Buffett also sought out struggling but high-quality companies and offered cash in exchange for coveted share packages.

In 2008, he invested $5 billion in Goldman Sachs and made a profit of $500 million, excluding dividends, when the company bought back its shares in 2011.

5. Start investing early

Buffett began investing at the age of 12, when he bought Cities Service preferred stock in 1942.

His wealth accumulated gradually. At 21, Buffett’s net worth was $20,000. It took him more than 13 years to become a millionaire and more than 33 years to become a billionaire, at the age of 55.

His career illustrates the role of patience and compounding in long-term investing.

6. Learn from great teachers

Buffett was a student of economist Benjamin Graham, known as the “father of value investing.”

He studied under Graham at Columbia Business School and later worked at Graham’s investment firm before setting out on his own.

Graham’s influence helped shape Buffett’s focus on identifying companies that are undervalued, or trading below their intrinsic worth.

7. Concentrate when conviction is high

Buffett has not always followed a highly diversified approach.

At the end of the second quarter of 2025, five stocks—American Express, Apple, Bank of America, Coca-Cola and Chevron—accounted for nearly 70% of Berkshire’s roughly $300 billion equity portfolio.

Buffett himself holds more than 99% of his net worth in Berkshire shares, a stake valued at about $150 billion.

The approach is to concentrate investments when conviction is high rather than spread capital indiscriminately.

8. Hire strong managers and trust them

Buffett’s management style has long involved giving substantial autonomy to the leaders of Berkshire’s subsidiaries.

The approach is straightforward: hire capable managers and trust them to run their businesses.

Buffett’s decision to remain active after stepping down as CEO also reflects his belief that work can continue well beyond traditional retirement.

Turning 65 did not slow him down, with Berkshire shares climbing thirtyfold since then. Buffett has long said that traditional retirement is not for him or his top executives.

9. Protect shareholders from dilution

Berkshire has avoided issuing stock for acquisitions and has never granted stock-based compensation.

As a result, the company’s share count has increased by only about 40% since 1965.

Protecting shareholders from unnecessary dilution has been another important part of Buffett’s approach to capital allocation.

10. Love what you do

Buffett has famously described his daily routine as “tap dancing to the office.”

Even after handing over the CEO role, he plans to remain active as Berkshire’s chairman and continue working daily in 2026.

His career reflects a long-standing belief that work should be something a person enjoys rather than something endured until retirement.

Protecting reputation is as important as protecting capital

Buffett’s philosophy extends beyond investing to corporate governance and reputation.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

For Buffett, strong corporate governance and an ethical culture are essential for long-term survival. Protecting reputation, like protecting capital, is about avoiding losses that can be difficult to recover from.

Buffett’s lessons amid market greed and fear

Buffett’s investment philosophy has also remained relevant during periods of sharp market gains and high valuations.

He once said: “You only find out who is swimming naked when the tide goes out.”

The idea is that a rising market can make almost everything appear to be working, while a downturn exposes companies with weak financials, poor management or accounting problems. Investors, therefore, should focus on companies with robust financials and sound management.

Buffett has also said that greed, fear and folly among people are predictable, though the sequence is not.

Greed can dominate during a rising market, fear can return when sentiment deteriorates, and folly can emerge when investors rush into overheated markets despite alarming valuations.

His most famous advice remains particularly relevant in such conditions: be “fearful when others are greedy and greedy when others are fearful.”

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Stephen Curry officially became eligible for a new contract extension with the Golden State Warriors on Saturday, opening a negotiation that will shape the franchise’s roster for years to come while the team signals it is prepared to give its longtime superstar wide latitude in deciding his own path.

Curry, 38, is entering his 18th NBA season and the final year of his current contract, which will pay him roughly 62.6 million dollars this season. As of Saturday, he became eligible to sign a two-year extension worth approximately 136.7 million dollars, a deal that would keep him with Golden State through the 2028-29 season and push his salary to about 71 million dollars in the final year, when he would be 40 years old. If no extension is completed, Curry would become an unrestricted free agent next offseason.

Warriors general manager Mike Dunleavy has repeatedly signaled over the past year that the front office wants to secure another deal with Curry before this season begins, while also making clear the decision ultimately rests with the player himself. “I’m pretty confident that Steph will finish his career here, but you know, it’s ultimately his call, his decision,” Dunleavy said during a press conference earlier this month, according to the Press Democrat. “Whether that’s to allow his contract to run out and move on, or if he comes to me and wants to be moved, Joe (Lacob) and I will talk through it.”

According to ESPN’s Anthony Slater, both Curry and the Warriors are expected to approach negotiations with a shared goal of keeping him in Golden State for the remainder of his career, meaning the central question is less whether Curry stays than what specific structure the eventual deal takes. Curry could sign the full maximum extension, accept a lower figure to preserve salary-cap flexibility for the front office to build around him, or wait until next summer to test unrestricted free agency, according to reporting from ClutchPoints NBA insider Brett Siegel cited by Marca.

The timing of the decision comes amid a complicated stretch for both player and franchise. Curry appeared in only 43 games last season while dealing with a knee injury that sidelined him for roughly two months, and Golden State finished the 2025-26 season 37-45, missing the playoffs entirely. Despite the down year, Curry remains one of the league’s most influential players, having delivered four NBA championships to the Warriors, two Most Valuable Player awards, and a legacy as the player most credited with transforming how basketball is played through three-point shooting.

Dunleavy has previously discussed his desire to keep Curry with the organization for good, telling reporters earlier this month, “That’s always been sort of what we discussed, and I think that’s you know tracking quite well,” according to comments reported by AOL. He added at the time, “Obviously, he’s eligible for an extension coming up at the end of this month, and you know we’ll talk through all that stuff and can’t speak on it much right now.”

Curry’s importance to the Warriors extends well beyond his production on the court, and the franchise has continued to build its roster around the expectation that he remains its centerpiece. Golden State recently signed veteran forward Georges Niang and fifth-year guard Brandon Williams, rounding out a roster largely carried over from last season. The front office has also pursued several potential star additions in recent years, including reported interest in players such as Giannis Antetokounmpo, LeBron James and Jaylen Brown, though none of those pursuits resulted in a trade.

A maximum extension for Curry would guarantee his place with the Warriors through the later stages of his career but could also constrain the team’s ability to pursue another marquee addition, particularly with forwards Jimmy Butler and Draymond Green both entering the final years of their own contracts. ESPN’s Brian Windhorst has suggested there may be reasons for both sides to consider waiting rather than rushing into a deal immediately, noting that Curry is one of several notable players, along with Butler and Green, becoming extension-eligible around the same period this offseason.

Off the court, Curry has continued to generate headlines beyond his playing contract. Public records show he and his wife, Ayesha, quietly sold their Atherton, California, estate for 29.1 million dollars in May, a figure slightly below the 30 million dollars the couple originally paid for the property in December 2020. Separately, a documentary chronicling Curry’s pursuit of the NBA’s all-time three-point record, directed by Gotham Chopra and produced by Religion of Sports, is scheduled to arrive in IMAX theaters in October.

For now, all signs point toward Curry remaining with the only franchise he has ever played for. Dunleavy has said publicly that neither the team nor Curry is entertaining the idea of a different destination, and the Warriors have shown no indication they intend to explore trading their franchise’s defining player. The remaining question, according to those close to the negotiations, is simply what form the final agreement will take, and how much say Golden State ultimately gives Curry in shaping it.