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I am lost.if China reopens, oil consumption will increase even more.

The lockdown is not affecting production of oil, and hardly refining.

What we have is the West deciding to boycott itself from a key producer: Russia blacklist

 and the end result of now nearly a decade of pretending that fossil fuels are not required so no investment, exploration, licensing..

None related to Shanghai..

Oil issue will remain, and not so sure the inflation is really that linked to China covid at least here.

Food price explosion is oil/fertiliser based..

Transport is oil/ self inflicted regulation..and car part issues is the chip shortage..which after 2y, is clearly more an economic weapon from China than an actual production problem .but hey...who wants to open his her eyes...