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.
As war in the Middle East disrupts global supply, governments are urging individuals to conserve — even as most energy demand comes from industry and transportation.
WTI, Brent and Dubai oil are the three major oil benchmarks that serve as reference prices for traders. Meanwhile, the sourness or sweetness of the oil dictates how complex the conversion process will be.