17 July 2026, 00:00 AM
16 July 2026, 23:06 PM
Oil tankers unload imported crude at a terminal of Qingdao port in China’s Shandong province yesterday. Photo: AFP
China caught the oil industry by surprise during the Iran war. It pulled powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets. It is now an independent, opaque, massive power.The measures China used to offset the energy supply shock culminated in a decades-long campaign. It sharply cut crude imports, restricted exports of refined fuels, and drew on domestic inventories.This reduced its heavy dependence on overseas energy supplies. This offers a glimpse into how future crises could play out. There is a lack of transparency surrounding many of Beijing’s policy choices.China’s assertive strategy points to a future where energy market blind spots may matter more than visible data.
The measures China used to offset the energy supply shock culminated in a decades-long campaign. It sharply cut crude imports, restricted exports of refined fuels, and drew on domestic inventories
