I'm guessing China? China has shown the world that it can tolerate the shock, and it was even a huge boon for them as they are successfully exporting excess EV production. World demand is significant, China alone was expected to increase world oil demand to a breaking point, and that isn't happening, and in fact, China is exporting oil demand destruction.
China has almost certainly been dramatically drawing down their oil reserves. They don’t publish trustworthy numbers on it like western countries do, but their import rates dropped too fast for any other explanation.
That’s not to say they haven’t done a phenomenal job with demand destruction it’s just their own domestic usage is still very high and they have to import unlike other heavy users.
China is the 5th largest oil producer in the world and the 2nd largest consumer. It's not just pulling from reserves that has dropped their consumption: for instance they have been switching very rapidly to electric trucks. At the same time they've been increasing internal production. I'm sure their goal is to balance production and consumption, to electrify enough of their demand that internal production can cover the remaining demand that's more difficult to electrify: jets, tanks, plastic, etc.
Compare the US and China on oil usage. The US is a net exporter compared to China being a huge importer.
And they for _sure_ are pulling from reserves since the US attacked Iran. The volume of imports and usage figures can only be explained that way. The impressive thing is the numbers suggest their reserves were massive and probably bigger than anyone thought.
They are for sure electrifying fast. In many ways the envy of the world on this. But they are oil import dependent and likely going to be more so soon if their reserves draw down too far.
formerly_proven · · focus · HN ↗
manofmanysmiles · · focus · HN ↗
seanmcdirmid · · focus · HN ↗
kasey_junk · · focus · HN ↗
That’s not to say they haven’t done a phenomenal job with demand destruction it’s just their own domestic usage is still very high and they have to import unlike other heavy users.
bryanlarsen · · focus · HN ↗
kasey_junk · · focus · HN ↗
And they for _sure_ are pulling from reserves since the US attacked Iran. The volume of imports and usage figures can only be explained that way. The impressive thing is the numbers suggest their reserves were massive and probably bigger than anyone thought.
They are for sure electrifying fast. In many ways the envy of the world on this. But they are oil import dependent and likely going to be more so soon if their reserves draw down too far.
bryanlarsen · · focus · HN ↗