China's Oil Stockpile Saves World from Sky-High Prices in Trump-Iran War
When President Donald Trump launched his war against Iran in late February, energy analysts predicted dire consequences for oil prices. They warned that the prices could more than double during a protracted conflict and urged investors and motorists to be prepared for a bumpy ride.
Six months into the conflict, which shows no signs of abating, oil prices remain volatile but have not reached the most pessimistic projections. Chinese President Xi Jinping's energy strategy has been credited with helping to moderate global demand, softening the upward price effects for the United States, Europe, and beyond.
China's massive oil stockpile, which it built over years at a cost of billions of dollars, allowed the country to slash crude imports once the US and Israel began their bombardment. The reduction in imports helped ease global demand and kept prices from skyrocketing as expected.