China was able to reduce oil imports by approximately 5 million barrels per day during the Iran war by raising domestic prices (which reduced demand by a couple million barrels daily), stopping refinery exports, and drawing down strategic petroleum reserves estimated at 1.5 to 2 billion barrels.

factualpending

Speaker

Daniel Yergin

Evidence Quote

They raised domestic prices, which affected demand and demand went down a couple million barrels a day. They stopped their refineries also export oil...and then they drew on their inventories.

Source

Daniel Yergin on Why Energy Prices Didn’t Soar HigherForeign Policy
Created: 8/12/2026, 6:41:21 PM

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