China has been preparing for a global energy crisis for years. It is paying off now

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https://www.theguardian.com/world/2026/mar/20/china-oil-reserves-global-energy-crisis

Xi Jinping has been preparing for a crisis like this for years. China must secure its energy supply “in its own hands”, its president was reported to have said during a visit to one of its vast oilfields in 2021.

The US-Israel war on Iran plunged the Middle East into a deep conflict, with the strait of Hormuz – one of the most important waterways in global trade – all but closed and key energy facilities across the region under attack.

Oil exports from the Middle East have tumbled 61% over recent weeks, according to maritime tracking consultancy Kpler – roiling countries across Asia, which relied on the region for 59% of its crude imports in 2025, and have been left racing to conserve energy.

But China, the world’s second-largest economy, appears to be in a very different position to much of the continent.

Over the years, a lot of manufacturing has migrated from China to other Asian nations as their labor costs have risen. But without energy resources to keep factories humming in Vietnam or Thailand, some of it may flow back to China.