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China faces oil challenge as prices soar and supply options narrow
Beijing is drawing on vast reserves and seeking alternative crude as shipping disruption continues.
AI Summary
Beijing is tapping its large strategic oil reserves while looking for alternative crude sources as shipping disruptions persist. Chinese oil prices have climbed to record levels, driven by mounting interruptions to Middle‑East export flows. The government faces a tightening dilemma: it must secure enough fuel for domestic demand without further inflating global oil prices. Officials are weighing reserve releases against new import contracts to manage the supply shortfall.
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