Beijing, July 30 -- China's sharp reduction in crude oil imports during the conflict involving Iran has reportedly been a key factor in limiting the surge in global oil prices, due to Beijing's place as one the world's largest oil buyers.
After the US and Israel jointly launched the Iran war on February 28, crude prices climbed sharply amid fears that disruption to shipping through the Strait of Hormuz would trigger a prolonged supply shock.
Chinese crude imports fell sharply as prices rose. While the decline was initially viewed as being consistent with Beijing's long-standing sensitivity to high oil prices, few expected Beijing to sustain such reduced purchases without significantly affecting domestic economic activity, reports Axios.
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