Country page
China’s direct Hormuz crude intake remains significant, but state buffers and diversified long-haul procurement reduce immediate panic risk.
Hormuz exposure
44%
Oil stock cover
66 days
Fertilizer
39/100
Helium
42/100
Country narrative
Refiners can switch part of the slate, but freight and quality spreads still matter.
Domestic fertilizer capacity softens nitrogen stress compared with South Asia.
Direct oil dependence sits at 48% of the country’s external energy risk profile, while gas-linked downstream exposure remains notable at 17%.
Oil dependence
48%
Gas dependence
17%
Risk score
57 / 100
Reserve stress
Related commodities
Oil
Stress score
76 / 100
Route dependence
84%
7d move
+6.8%
Crude remains the most immediate transmission channel, with freight, insurance, and strategic stock policy all shaping spot balances.
Gas
Stress score
74 / 100
Route dependence
61%
7d move
+5.4%
Asian LNG replacement prices are rising as buyers scenario-plan longer Gulf loading and transit assumptions.
Industrial Gas
Stress score
61 / 100
Route dependence
41%
7d move
+3.1%
Helium is a narrower market, but even modest logistics friction can affect hospitals, fabs, aerospace supply chains, and research labs.
Live snippets
17:24 HKT · Freight
Brokers are quoting wider ranges for April fixtures as owners price in scheduling slack and higher perceived transit risk.
16:58 HKT · Reserves
Current official posture remains preparatory, but contingency coordination has become more active across Asia.
16:11 HKT · Nitrogen
Tender timing is turning from opportunistic to defensive in South Asia, with price secondary to volume certainty.
15:36 HKT · LNG
The move reflects longer expected Gulf turnaround assumptions rather than confirmed physical outages.