The ongoing US-Israeli conflict with Iran has caused chaos in global oil and gas markets, with the Strait of Hormuz remaining blocked for two months.
Following US President Donald Trump’s vow to maintain intense strikes against Iran for an additional two to three weeks in a recent address, oil prices skyrocketed once again.
However, China has largely shielded itself from the oil crisis, despite its significant dependence on Iran for oil imports.
One of the key strategies employed by China to ensure a stable oil supply is through its network of smaller, independent refineries, often referred to as “teapot refineries.” These facilities have capitalized on cheap oil resulting from international sanctions, stockpiled oil reserves, and increased imports from countries such as Iran, Russia, and Venezuela.
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