China is well positioned to withstand the impact of the US blockade of the Strait of Hormuz:
Before the war, China purchased ~14% of its oil from Saudi Arabia, 11% from Iran, and 29% from the rest of the Middle East.
Russia supplied another 20%, with the remaining 26% coming
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China is well positioned to withstand the impact of the US blockade of the Strait of Hormuz:
Before the war, China purchased ~14% of its oil from Saudi Arabia, 11% from Iran, and 29% from the rest of the Middle East.
Russia supplied another 20%, with the remaining 26% coming from the rest of the world.
Despite the war, Iranian oil has continued flowing to China, making the country the least affected Asian nation.
However, China has still lost at least 20% of its total oil imports despite Saudi Arabia and the UAE rerouting crude through alternative export channels.
China has also built the world's largest strategic petroleum reserve over the last decade, with more than 1 billion barrels of crude stockpiled.
As a result, even a 2-month loss of Iranian supply would only deplete China's emergency reserves by ~10%.
China has been preparing for this situation for years.
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