China Passes 70% Oil-Import Stress Test as Iran War Disrupts Hormuz

3 articles · Updated · The New York Times · Aug 25

China weathered one of the worst modern oil-supply shocks without triggering an emergency response, despite relying on imports for more than 70% of its crude and sourcing about half from the Middle East.
Years of preparation blunted the hit: Beijing diversified suppliers, built crude stockpiles estimated at roughly the size of U.S. and Japan reserves combined, and shifted transport and power use toward domestic electricity.
Hormuz disruptions still cut oil inflows and lifted prices, but China drew on reserves, curbed exports of transport fuels and saw some drivers switch to public transit, taxis and ride-hailing services that often run on electricity.
The episode suggests a key U.S. pressure point has weakened, with China reducing a strategic vulnerability that had worried leaders since it became a net oil importer in 1993.