China’s Strategic Oil Reserves: Quiet Cut Prevented Oil from Reaching $200
China quietly cut oil imports by five million barrels a day after the Strait of Hormuz closed. The move absorbed most of Asia’s shortfall and kept prices from reaching $200. China oil reserves, estimated at 1,300 to 1,400 million barrels, proved far larger and more flexible than Western stockpiles. The United States released over 100 million barrels from its Strategic Petroleum Reserve while Beijing conserved its buffer.