As oil tankers halt operations in the Middle East to avoid risks amid the ongoing Iran war, crude oil and chemical raw material prices have risen sharply, creating significant pressure on China’s industrial chain.
Approximately 20 million barrels of crude oil passed through the Strait of Hormuz daily before the war broke out on Feb. 28, accounting for about one-fifth of global oil consumption. The Iran regime has been attacking ships traveling through the Strait of Hormuz, bringing this vital maritime energy route to a near standstill.
China depends on crude oil imports for approximately 72 percent of its domestic crude oil consumption, with 44 percent of that amount originating from the Middle East. The vast majority of those imports pass through the Strait of Hormuz….
Iran War Puts Pressure on China’s Chemical Industry Chain, Pushing up Prices for Plastics, Methanol
