In the high-stakes game of global energy, China has been playing the crucial role of shock absorber.
When Iranian projectiles struck two U.S.-escorted supertankers near the Strait of Hormuz earlier this month, pushing crude prices back above $80 a barrel, the world’s largest oil importer was conspicuously absent from the buying panic. Armed with vast stockpiles and shifting domestic demand, Beijing was well-prepared for the market shock. Oil prices surged above $100 a barrel on Thursday after Houthi rebels attacked oil tankers in the Red Sea.
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