Goldman Sachs notes China’s oil and gas share is 28% of primary energy, with renewables supplying ~40% of electricity.
China holds about 1.2 billion barrels of strategic and commercial oil reserves, covering over 100 days of consumption.
The oil shock is expected to trim China’s 2026 GDP growth by ~20 bps, versus 40 bps in the US and up to 70 bps in other Asian peers.
Goldman warns secondary effects—global stagflation, stronger dollar, tighter finance—could pressure Chinese equities despite limited direct impact.