The Country That Conquered Oil
China built an oil buffer just as its oil dependence began to shrink.
Grüezi!
Twelve weeks after Hormuz closed, the cleverest explanation of what China is up to, is also wrong.
The explanation comes from Izabella Kaminska at The Blind Spot. Chinese crude imports have collapsed since the US-Israeli strikes on Iran on 28 February and the closure of the Strait of Hormuz.
Yet Chinese refineries have only slowed modestly, transp…
