After the Strait of Hormuz closed, China slashed its oil imports, seemingly without reducing energy demand or tapping into reserves. How China is doing it — and why — remains a mystery.
Adam Posen, President of the Peterson Institute for International Economics, talks about what to expect from President Trump’s meetings with President Xi Jinping of China this week.
In four years, the Chinese EV carmaker has sold almost 250,000 electric and plug-in hybrid vehicles in the country, with the goal of being the No. 1 car seller there by 2030.
China had more than a billion barrels of crude oil in reserve when the war in Iran disrupted the market. The country has also spent years diversifying its energy sources and accelerating electrification.