China’s electric taxis are blunting the Hormuz oil shock, but only at the margins

China's crude oil imports have dropped significantly, reaching the lowest levels since 2016 amid the Strait of Hormuz crisis. This decline is partly offset by the growing adoption of electric taxis and ride-hailing vehicles, which now make up a substantial portion of urban fleets, reducing petrol and diesel consumption. However, the impact of electric vehicles on China's overall oil import reduction is relatively small, accounting for about 3% of the risk posed by disrupted oil transit through a