China Stockpiles Soften the Blow of the Global Oil Shock

The world’s top crude oil and LNG importer, China, is not as exposed and vulnerable to energy deliveries from the Middle East as one might think. China has been amassing crude volumes in storage for months, it has been working for years to diversify oil and gas supply sources and routes, and has boosted the share of transport electrification, which has reduced demand for road transportation fuels. As the Middle East crisis choked off supplies via the world’s most critical oil and gas chokepoint, the Strait of Hormuz, China is more resilient…