China's Oil Stockpile Keeps Prices in Check Amid Iran Conflict
When President Donald Trump launched his war against Iran in late February, energy analysts predicted that oil prices could more than double during a protracted conflict.
The war grinds on, and oil prices remain volatile. However, the most dire projections have not yet come to pass six months into the conflict.
Chinese President Xi Jinping's country has played a crucial role in keeping oil prices from skyrocketing as much as predicted.
Beijing's massive oil stockpile, built over years and billions of dollars, allowed China to dramatically cut crude imports once the US and Israel began their bombardment of Iran.
China's shift towards electric vehicles and other energy alternatives also helped ease global demand, softening the upward price effects for the United States, Europe, and beyond.