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Economy News

The Economic Times

Economy / The Economic Times

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After Iran, China has a powerful new oil price weapon

China has emerged as the world's first oil swing importer, significantly reducing its imports by a third to an eight-year low. This move, driven by necessity during the Iran conflict, demonstrates Beijing's ability to stabilize global oil prices and mitigate geopolitical risks, a stark contrast to historical demand patterns.

16 Jun 2026 9:19 am