The ongoing US-Israeli military campaign against Iran has caused significant disruptions to the global oil and gas markets, with the Strait of Hormuz remaining blocked for over a month.
Following a speech by US President Donald Trump on Wednesday night, in which he reaffirmed his commitment to intensifying strikes against Iran for 2-3 weeks, oil prices continued to skyrocket.
Despite its heavy dependence on Iran for oil, China has managed to mitigate the impact of the oil crisis to a significant extent.
One of the key factors contributing to China’s insulation from the crisis is its reliance on smaller, independent refineries known as “teapot refineries.” These facilities have capitalized on low-cost oil resulting from international sanctions, stockpiled oil reserves, and increased imports from countries such as Iran, Russia, and Venezuela.
For more information on the diverse strategies China is employing to minimize the effects of the energy crisis triggered by the war, click here.
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