Economic: China, as the world's largest importer of crude oil, has become one of the main factors in curbing and stabilizing the global oil price by actively reducing imports and adjusting market demand/Beijing has provided a kind of safety net for the unstable global energy market/From March to July, China has reduced its crude oil imports by an average of 4 million barrels per day; A figure close to half of the global supply gap caused by the current blockade of the Strait of Hormuz

In this exceptional period, which is associated with the intensification of geopolitical conflicts and the limitation of global energy supply, China has actively reduced its oil imports and managed the market demand; An action that has made this country one of the key factors in curbing fluctuations and stabilizing global oil prices. China's confidence in its ability to do this is rooted in sufficient strategic oil reserves, diversified import structure, continuous and deeper transition to new energy and technology.

Economic wrote: In this exceptional period, which is associated with the intensification of geopolitical conflicts and the limitation of global energy supply, China has actively reduced its oil imports and managed market demand; An action that has made this country one of the key factors in curbing fluctuations and stabilizing global oil prices. China's confidence in its ability to do this is rooted in sufficient strategic oil reserves, diversified import structure, continuous and deeper transition to new energies, and efficient capabilities in macroeconomic management. Years of foresight and continuous efforts have changed the position of our country in the field of energy.

According to "Select" report; This article continues: This year, the closure of the Strait of Hormuz has led to a severe crisis in the global supply of oil and gas. Based on the experience of past oil crises, such a wide gap in supply should usually push the global oil price to $200 per barrel; A situation that could get global inflation out of control and put heavy pressure on industries. However, the market trend has been contrary to expectations. Although the global price of oil has increased somewhat, an unprecedented and unbridled jump has not occurred.

After reviewing the data, international institutions have come to the common conclusion that China, as the world's largest importer of crude oil, has become one of the main factors in curbing and stabilizing global oil prices by actively reducing imports and adjusting market demand. By reducing its imports, China has not only protected its domestic economy, but also provided a kind of safety net for the unstable global energy market and the world economy.

Data from the General Administration of Customs of China clearly confirms this change. In the first eight months of 2026, our country imported 321 million tons of crude oil, which shows a significant decrease of 14.6% compared to the same period last year. Imports fell 41.3 percent in June from a year earlier, hitting the lowest monthly level in nearly 10 years.

Comprehensive calculations show that China has reduced its crude oil imports by an average of 3.5 to 4 million barrels per day from March to July; A figure that can compensate for nearly half of the global supply gap caused by the current blockade of the Strait of Hormuz. It is noteworthy that the total voluntary reduction of China's imports is more than the amount of oil that other countries in the world have collectively released from their strategic reserves. This action has practically prevented the formation of a vicious cycle of uncontrollable increase in oil prices in the world market.

In such a situation, it is natural to ask the following question: in a period when geopolitical conflicts are intensifying and global energy supply is facing restrictions, how can China be sure that it can voluntarily reduce its crude oil imports and at the same time, guarantee the continuity and order of production and the daily life of the people inside the country?

Adequate strategic reserves of oil are the basic basis for dealing with risks and crises.

Over many years, our country has taken advantage of the opportunities caused by the low price of oil in the international markets and has continuously advanced the development of its oil reserves system. This process has been accompanied by the continuous increase of storage capacity and the strengthening of the main support of the country's energy security.

After the recent increase in global oil prices, domestic refining companies actively adjusted their operational strategies; In such a way that they reduced new purchases of expensive crude oil in a planned manner and resolutely refused to participate in emotional purchases and storage of oil in the international market. These measures from the demand side prevented further increase in global oil prices.

The diverse and scattered pattern of imports has created a strong barrier against supply disruption.

To reduce geopolitical risks caused by dependence on a specific shipping route or production area, our country has continuously optimized its crude oil import structure and expanded import sources to various regions including South America, Africa, Southeast Asia and Europe.

China's top ten oil supplying countries are distributed in different regions, and the country has gradually reduced its heavy dependence on the Middle East as a single shipping route and main production area. Such a diverse system in the supply chain allows China to maintain high flexibility in oil supply and control over its energy purchase process even if regional energy transmission routes are blocked.

The continuous and deeper transition to new energies has created structural advantages; A factor that is one of the most important and yet less important variables in international markets.

The transition to new energies is not just a policy on paper, but a real force that will transform the structure of oil consumption in our country.

Data from the International Energy Agency show that only in the new energy vehicle sector, in the second quarter of 2026, the replacement rate of daily oil consumption in our country has reached 1.5 million barrels of crude oil; A figure equivalent to the total daily oil consumption of France.

At the same time, in the first seven months of this year, the share of new energy vehicles in the Chinese car market exceeded 50% for the first time. The installed capacity of new energy sources, including wind and solar power, also continues to increase, and electricity generated from clean sources is widely replacing the consumption of traditional fossil fuels.

As a result, the relatively inevitable demand for crude oil across society is continuously reduced, forming a natural "buffer" against market shocks.

Efficient and coordinated capabilities in macroeconomic management have demonstrated the resilience of a huge market.

Relying on its institutional advantages in mobilizing and harmonizing national capacities, China has carefully evaluated the international energy situation through relevant institutions and has led refining companies to be flexible in adjusting production plans and gradually reducing the import of expensive crude oil.

Through scientific management of demand, the vicious cycle of "impulsive buying, oil price spikes and overstocking" that usually occurs during periods of crisis has been largely broken. As a result, this huge market has moved from a situation where it merely passively tolerates price fluctuations to a stage where it can actively play a role in balancing the market.

China's demand management has injected valuable stability into the global energy market. Precisely because of China's role in compensating a significant part of the supply shortage, the global oil price has not faced a historic and uncontrollable jump and the occurrence of unbridled inflation on a global scale has been prevented.

Foreign media have also reported that the reduction of China's crude oil imports has provided important support to the world economy under pressure, and this country has become one of the influential variables in the rebalancing of the global oil market.

Throughout history, the traditional response of international markets to oil crises has always focused on competition on the supply side; The approach that put energy-consuming countries in a passive and unfavorable position, put the pressure of the crisis directly on their shoulders and ultimately imposed a heavy cost on them.

However, the current crisis in the Strait of Hormuz has changed the logic of the global energy market. China has demonstrated in practice that a large consumption market, relying on a system of strategic reserves, diversified supply chains, gains from the energy transition, and institutional advantages, can actively adjust demand, manage reserves, and optimize production capacity to mitigate the risks of geopolitical disruptions in energy supply.

In this way, China can become an important force in maintaining the global energy balance.

Even now, the geopolitical shadow of the Strait of Hormuz siege has not disappeared and the global energy market is still turbulent. The fact that the predicted scenario about the "darkest days" of the oil price has not been realized is largely due to China's continuous strategic focus and the country's adherence to the path of energy development based on self-sufficiency and controllability.

The evolution of China's position in the field of energy, from passively tolerating market fluctuations to playing an active role in stabilizing the global market, is the result of years of foresight and continuous efforts.

Ensuring the country's energy supply is of vital importance for the stable and sustainable development of China's economy, and this is the country's most tangible contribution to the stability of the world market.