The world’s second-largest consumer of crude oil, China, has pulled out all the stops to preserve supplies as the war in Iran has cut off access to more than 11 million barrels of oil per day. By cutting down on imports, relying on vast stockpiles and utilizing more clean energy, China has been able to cushion the impact of higher prices at home, if not alleviate it completely.
Those actions have been felt in the global market as well.
After more than three months of war, some analysts predicted oil prices could surge as high as $200 a barrel this year. However, even as total estimated supply losses have surpassed 1 billion barrels of oil, crude prices have remained relatively muted. Many analysts point to China as a primary reason.