China Crude Oil Stockpiles Remain Intact Amid Hormuz Crisis

China's massive crude oil stockpile has remained intact at about 1.2 billion barrels, five months after the worst disruption to global oil supply began with the closure of the Strait of Hormuz.

The country added around 200,000 barrels per day (bpd) of crude oil to its huge inventories in July as imports rebounded from a decade-low in June and refinery runs remained depressed. According to calculations by Reuters columnist Clyde Russell, China's overall supply was at 12.72 million bpd, with 8.41 million bpd coming from imports and 4.3 million bpd from domestic production.

Refinery throughput stood at 12.51 million bpd in July, allowing for an estimated 210,000 bpd of crude to go into storage. This is a reversal of the trend seen in May and June, when China started drawing down on stockpiles due to the Middle East crisis.