How is China reducing the consumption of transport fuels? Is that driven by changes in individuals' fuel consumption patterns or by a change on the industrial side?
And even more importantly, China has slashed its crude imports, turning instead to massive stockpiles. (https://www.cnn.com/2026/06/09/business/oil-strait-of-hormuz...)
Sounds like they're burning through their reserves as well. But since China's economy is more centrally controlled, it's likely they keep bigger reserves.
Of course there's plastics & other uses. But China has gone big on renewables & battery tech as you know. It definitely helps.