China's Oil Reserves Soften Global Economic Impact

European Central Bank economists have attributed the relatively stable global economy to China's strategic oil reserves and energy diversification.

The analysts noted that Beijing's 'substantial stockpiling' of crude has contributed to a muted rise in oil prices since the US-Israeli attack on Iran in late February.

According to the ECB report, China's crude inventories have increased from 92 days' worth of imports in 2023 to 115 days earlier this year.