China's sharp reduction in oil imports has helped mitigate the impact of the largest oil supply disruption in history caused by the Iran war. According to Goldman Sachs, Brent crude prices could have been $10 to $15 higher without China's 40% cut in imports. China has been able to reduce purchases due to huge oil stocks, coal substitutes, electric vehicles, and alternative supply routes. Despite this, Brent crude has risen above $100 a barrel amid renewed fighting between the US and Iran.
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