Recently, there have been several news reports about China lowering its oil imports.
Not only the US has a Strategic Petroleum Reserve!
Which other countries are doing the same?
"China: Estimated to hold the world's largest massive national stockpile at roughly 1.3 billion barrels." (Google search)
"... Beijing’s deployment of its mammoth strategic petroleum reserve. The Chinese are saying “we have saved the world for a second time thanks to our foresight,” Ek says.
Many analysts attribute the fact that the worst fears on oil prices have not (yet) been realised to Beijing’s careful release of barrels into its domestic market, and its restrictions on product imports and exports. ...
The People’s Republic of China (PRC) is tight-lipped on the state of the strategic petroleum reserve. It consists of two parts: one under the direct control of the state and the other, larger element, within the state-owned oil companies.
Before the war, the US Energy Information Administration estimated that it totalled about 1.4 billion barrels — enough to cover more than 100 days of imports. ..."
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