Beijing's Oil Stockpiles Give China Leverage in Global Market

China's vast oil reserves have given Beijing significant leverage during the Iran war, allowing it to slash purchases and help contain global oil prices.

The country's crude reserves are estimated at between 1 billion and 1.4 billion barrels, equivalent to roughly 120 days of imports.

This stockpile has enabled China to sharply reduce its crude imports since the conflict began, with a 23% drop between March and July compared to the same period last year.

China's accelerated stockpiling efforts, which started in 2024, have also helped it build up reserves. The country added an estimated 1 million to 1.2 million barrels per day to its stockpile during this time.