With inflation, China's has to make more stuff to get more of a currency that buys it less and less of the energy it needs. Energy producers like Russia and the Arab Gulf have to extract more oil to get more of a currency that buys them less and less stuff..
https://georgejnasr.wpcomstaging.com/2022/04/08/deglobalization/
The COP30 phased out language about "phasing out" all "fossil fuels"; here's to the return of scientific objectivity