Since February 28, 2026, the Iran War has been ongoing for three months. Contrary to initial concerns, oil prices have remained below US$100 per barrel, not surging to US$200. Foreign media attribute this stability mainly to China.
China has reduced its crude oil imports from 11 million to 6.78 million barrels per day, the lowest in a decade, effectively shielding the global market from price spikes.
According to foreign media, China maintains stable fuel prices through three mechanisms: sufficient strategic reserves covering 3–4 months, a self-sufficient energy mix including 84% of primary energy and over 90% of electricity produced domestically, and the widespread adoption of electric vehicles over half of new cars, reducing gasoline demand by 20% in April.
China has long promoted vehicle electrification and renewable energy, now dominating the global power supply chain. The National Development and Reform Commission recently urged seven state-owned enterprises to continue safeguarding energy security, reflecting China's long-term strategy to think far ahead and stay secure in the energy competition of the future.
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