China's crude oil inventories remain high

Despite major supply disruptions in the Middle East due to the ongoing war with Iran, China's strategic crude oil inventories have seen minimal drawdown. Since the conflict began on February 28, 2026, Chinese crude stockpiles have decreased by less than 1 million barrels. As a result, total inventories remain at an estimated 1.8 billion barrels, indicating significant resilience to the regional crisis. This massive reserve provides China with a substantial buffer against potential global oil market volatility.