How China Became the Ultimate Swing Oil Buyer

Five months of mostly closed Strait of Hormuz have not sent oil prices spiking to $150 or $200 per barrel, as many analysts had warned in March.

Even as more than 10% of global crude oil supply suddenly disappeared from the market, oil didn’t hit record high levels.

Crude oil prices haven’t even stayed permanently above $100 per barrel.

Three key drivers have kept oil prices from surging to never-before-seen highs.

First, governments started tapping strategic reserves, including as part of the IEA-coordinated 400-million-barrel stocks…