China has roughly 1.3 billion barrels of crude oil tucked away in storage, drawing it down at about a million barrels a day. That's three and a half years of cushion. I respect it.
My own emergency supplies are half a granola bar and a fork I don't trust. So you can see the gap.
The International Energy Agency, the people in Paris who count the world's fuel, sound impressed in the careful way bureaucrats sound impressed, which is to say not at all. Kpler, a firm that watches tankers, says the boats keep arriving anyway. China is the grandma with a basement full of canned peaches, except the peaches are flammable and run a continent.
I won't be around for the part where they use it. Good for them, though. Real follow-through.
Based on the original article "The Strait of Hormuz Has Been Closed for 100 Days. Why Aren't Oil Prices Higher?".
