China has accumulated far more oil than any other country, according to U.S. government data. This is seen as a strategic advantage as the world faces an oil shock with the Strait of Hormuz largely shut. China's oil stockpile surged last year due to low oil prices and rising geopolitical risks, including sanctions on major suppliers to China. It also owns over 70% of global solar, wind, battery and electric vehicle supply chains. The International Energy Agency coordinated the largest-ever release of oil reserves on March 11, making up to 400 million barrels available.