China took 5.5 million barrels per day of demand off of the table overnight. A quarter of what went through the strait. They single-handedly stopped catastrophe by months.

Even with that, global strategic petroleum reserves are quickly draining. Last I looked, the US was down to ~290M. There is a legal limit of 250M (though laws don’t matter anymore). The structural floor is also estimated to be somewhere north of 200M.

The world is about to not be able to meet all oil demand for any price.