Global oil supplies have decreased by approximately 20% due to the war and closure of the Strait of Hormuz, yet prices haven’t risen as sharply as initially predicted. A key factor is China’s significant reduction in oil imports. Once the world’s largest importer, China has scaled back purchases from 11 million barrels per day before the war to an anticipated under 7 million this month. This decrease is partially attributed to substantial imports made prior to the conflict, building up considerable strategic reserves. China strategically increased its oil reserves starting in the 2000s, aiming to mitigate risks associated with import dependence and potential geopolitical disruptions. These reserves, held by state and commercial entities, are now buffering the impact of supply shortages on global prices, allowing other nations easier access to available oil.