Big appetite: Oil storage tanks on the outskirts of Shanghai. China buys around 90% of Iran’s oil exports of roughly 1.7 million barrels a day. — Bloomberg
Beijing: China’s long-term energy security strategy is robust enough to withstand even extreme scenarios, such as the potential shutdown of the vital Strait of Hormuz, say industry experts and company executives.
Disruptions caused by geopolitical tensions are unlikely to fundamentally impact energy shipments to China, the world’s largest energy consumer, which has been diversifying its energy import channels while developing clean energy on a large scale, said Lu Ruquan, president of the China National Petroleum Corp Economics and Technology Research Institute.
