The ongoing conflict between the US and Israel and Iran has resulted in a prolonged disruption to global oil and gas markets, now in its second month. Following US President Donald Trump’s announcement of continued aggressive strikes against Iran for an additional two to three weeks in a recent address, oil prices have seen a significant increase.
Despite being heavily reliant on Iran for oil, China has managed to largely shield itself from the oil crisis. The country has employed a key strategy involving smaller, independent refineries known as “teapot refineries,” which have capitalized on cheap oil made available due to international sanctions. These refineries have stockpiled oil reserves and increased imports from countries such as Russia, Venezuela, and Iran.
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