• Starting parameters (real values, Q1 2026) China imports 5.4 million barrels per day through Hormuz ¹ , and imports through the strait fell to around 222,000 barrels per day in April ² -a collapse of over 95%. Government debt stood at 68.5% of GDP in 2025, with a Moody's projection toward 82.4% in 2027 ³ . As of March 2, 2026, China had approximately 1.39 billion barrels of oil in storage, equivalent to about 120 days of net crude imports, according to the Columbia Center on Global Energy