Foreign Media: During the U.S.-Iran conflict, China successfully mitigated the impact of international energy shocks by reducing crude oil imports, restricting refined oil exports, and mobilizing strategic reserves, inadvertently showcasing its emerging influence in the global energy market.
China successfully withstood the shock through three key measures: crude oil imports plummeted 41% year-on-year in June to 7.12 million barrels per day—the lowest since October 2016; gasoline and diesel exports were suspended starting March; and approximately 1.3 to 1.5 billion barrels of strategic petroleum reserves were mobilized (equivalent to over 100 days’ worth of imports).
Previously viewed as a "price taker" heavily dependent on overseas energy, China has gradually gained the ability to regulate global energy supply and demand thanks to long-term reserve building, increased domestic oil production, and the development of new energy vehicles. During this crisis, China’s significant reduction in imports helped global markets absorb the shock from reduced Middle East supply, while restrictions on fuel exports demonstrated Beijing’s capacity to swiftly alter regional energy flows.
China is evolving from a passive adapter to an influential "price setter" in the international energy market. In the future, energy will not only serve China’s economic needs but may also become a crucial strategic tool for managing geopolitical risks. This growing energy self-reliance could reshape the global energy landscape and intensify competition and friction with other major economies.
Original article: toutiao.com/article/1870884605127680/
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