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China 🇨🇳 cut its oil🛢️imports in 1/2 overnight… How? It was prepared for this crises & has been pulling all the levers for 6 months now. 👇 It’s formidable toolkit 🧰 • Spent YEARS stockpiling huge amounts of crude 🛢️ that it tapped • Tapped big inventories of polymers dispersed in warehouses nationwide-that few outside China 🇨🇳 knew existed. • Turned down its refiners, cutting ✂️crude 🛢️demand • Kept most of the fuel ⛽️ it refined @ home 🏠 • Cut demand: more electric/gas trucks 🛻 , less driving, fewer flights ✈️, more rail 🚂 • Switched petrochemicals from oil-based inputs to coal 🪨 But it’s NOT magic 🎩🪄OR a permanent solution… Stockpiles run out. Refineries can’t stay throttled forever. Demand cuts & substitution have limits.