China Is Quietly Keeping World Oil Prices Lower - Newser
China has unexpectedly emerged as the world's primary bulwark against skyrocketing global oil prices, drastically curtailing its crude imports to an eight-year low of 7.8 million barrels per day in May 2026. This sharp reduction, a 29% year-over-year decline, comes despite the ongoing 'Iran war' and the effective closure of the Strait of Hormuz since early March, which has disrupted roughly 20% of global oil supply and triggered the largest energy shock in modern history. Beijing's strategic pivot has prevented Brent crude from soaring into triple-digit territory, a remarkable feat amidst profound geopolitical instability.














