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China maintains enormous crude oil inventories despite supply disruptions from the Middle East:
China's crude oil stockpiles have only decreased below 1 million barrels since the Iran War began on February 28.
As a result, China's total crude oil inventories remain around 1.8 billion barrels, including strategic reserves.
Since March 2025, inventories have increased by +400 million barrels, or +29%.
This occurs amid cheap crude oil from Iran and Russia continuing to flow into China, while the country also implements temporary fuel export bans to stabilize domestic supply.
China's crude oil purchases from Iran are expected to reach a record high of about 1.9 million barrels per day this month.
China owns the world's largest oil buffer and is using it cautiously.