As much of the world attempts to come to terms with what, by some metrics, is the largest interruption to global oil supplies in history, much of the emphasis from analysts and geopolitical commentators has been on China.
Given that China is by far the largest recipient of oil flows through the Strait of Hormuz, receiving 5.35 million barrels per day compared to second-placed India at 2.09 million barrels per day, this is perhaps unsurprising.
China’s first line of defence against disruptions to the flow of oil imports is its sizeable strategic reserves of oil, condensates, and fuels.
