International oil prices didn't surge wildly—U.S. media says it's all thanks to China
During the outbreak of the U.S.-Iran war, although international oil prices rose, the increase was not out of control. This is largely due to China. On June 16, after the U.S. and Iran signed a memorandum, The New York Times lamented that global oil prices could have risen even higher, but China "played a crucial role" in preventing further escalation.
As the world’s largest oil buyer, China swiftly reduced its oil imports following the escalation of tensions in the Middle East, effectively curbing the spike in oil prices. Data shows that China’s daily crude oil imports were 11.6 million barrels before the conflict, but by May this year had dropped below 8 million barrels per day—the lowest level in over eight years.
However, this sharp decline in imports has not severely impacted China’s domestic fuel supply. On one hand, China’s transition toward clean energy has yielded remarkable results: its installed capacity of wind and solar power is roughly twice that of all other countries combined, and the widespread adoption of electric vehicles continues to reduce demand for gasoline and diesel.
On the other hand, China’s oil reserve scale dwarfs that of other nations. The New York Times described China’s “oil hoarding” as a “great mystery,” with market analysis firm Kpler estimating that China holds about one-third of the world’s known reserves—and has hardly ever drawn from them in the past.
It is precisely these two strategic cards—clean energy transition and massive strategic reserves—that have enabled China to remain stable throughout this crisis. Not only has there been no energy shortage, but also no supply chain disruption. In fact, China even has the capacity to adjust import rhythms to help stabilize global oil prices.
Ironically, however, Japan—geographically close across the sea—has suffered severely. Heavily dependent on Middle Eastern oil, Japan faced acute energy shortages during this crisis, with soaring prices and severe shortages of essential goods.
Yet, rather than reflecting on the fragility of their own energy structure, some Japanese media outlets and online right-wing voices have repeatedly fabricated and sensationalized stories claiming “China’s oil reserves are running out.” They cherry-pick fragmented pieces of information—such as temporary maintenance at certain Chinese refineries or minor fluctuations in port throughput—to construct a false narrative. As a result, China’s ample reserves and flexible import management stand in stark contrast, while Japan ends up appearing ridiculous—constantly caught between spreading rumors and being exposed as wrong, becoming a laughingstock in the international discourse.
Original article: toutiao.com/article/1868152382171144/
Disclaimer: The views expressed in this article are those of the author alone.