China must decide War or Economic Shock expense


 Thursday 23 April 2026

The world's largest energy product importer and consumer is switching up its supplier mix in response to the upheaval in oil, gas and fuel flows from the Middle East since the U.S. and Israel war with Iran kicked off over a month ago.
China secured roughly half of its total imports of crude oil, refined fuels, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the ​Middle East in 2025, data from commodities intelligence firm Kpler shows.
However, the outbreak of U.S. and Israel war against Iran has choked off tanker shipping from the Middle East to other regions, forcing China ‌and other major energy importers to seek alternate sources of energy products.
China imported roughly 642 million metric tons of crude oil, refined fuels, LNG and LPG in 2025, with 317 million tons or 49.4% coming from suppliers based in the Middle East, Kpler data shows.

Economic Shock in China
China's economy has faced significant shocks, including the impact of the COVID-19 pandemic, which led to a halt in economic activity and a subsequent recovery that has been slow and uncertain. The country's central bank has recently withdrawn cash from its financial system for the first time in a year, indicating a cautious approach to economic policy amid rising oil prices. This move reflects China's ongoing efforts to manage its economic landscape, which includes high levels of debt, a shrinking labor force, and a property market that is unraveling. The economic strategy that has led to these challenges is one that has prioritized industrial production over all else, resulting in structural overcapacity and a risk of a doom loop of falling prices, insolvency, factory closures, and job losses.
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