The fresh challenges to the global oil supply have made clear that China has responded in ways that have only increased its clout while reshaping the industry, the New York Times reports. Long dependent on imported crude and exposed to supply shocks, Beijing spent years amassing one of the world's largest oil stockpiles, building extra refining capacity, and leaning harder on coal, high-speed rail, and electric vehicles. The payoff showed up early in the Iran war: China cut oil imports by 23% in the first six months, helped keep global prices about $10 a barrel lower than expected, and selectively choked off exports of gasoline, diesel, and jet fuel to pressure rival neighbors while favoring friendly ones.
Analysts say that ability to dial demand up or down gives China a new kind of leverage that oil producers like Saudi Arabia have long enjoyed on the supply side. China's EV boom alone shaved roughly 1.5 million barrels a day off its oil use in the second quarter, according to the International Energy Agency, helping push its overall demand past its apparent peak. With China now holding roughly one-third of known global oil inventories and OPEC showing strain, per the Times, energy experts argue that Beijing has become a force the cartel—and the US—must factor into every move. That means it could play a role in next week's White House meeting between President Trump and Xi Jinping. The full Times report can be found here.
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