It has been suggested that China is ‘the new OPEC’ due to its ability, seemingly at will, to cut oil consumption and imports in response to the Strait of Hormuz closure, thereby stabilising global oil markets without harming its economy This is at best partly true: China’s cuts to oil use have weighed on its economy, especially the construction sector; and while it has dipped into its stocks, Japan and other OECD members have done more than China to support