Despite Middle East supply disruptions, China still "stands out beautifully" ⛽️🇨🇳

The Strait of Hormuz blockade has caused global oil supply disruptions exceeding 10 million barrels per day, with Brent crude oil soaring to $120 per barrel at one point. However, over the past two months, China's crude oil inventories have decreased by less than 1 million barrels.
China's total crude oil inventory remains around 1.8 billion barrels (including strategic reserves), making it the world's largest oil buffer stock. Since March 2025, inventories have increased by 400 million barrels (+29%).
Behind this are three layers of protection:
① Accelerated inflow of low-cost Iranian and Russian crude oil. China's imports from Iran are expected to reach about 1.9 million barrels per day this month; Russian discounts are as low as $58–62 per barrel, firmly maintaining the role of "ballast."
② Policy preemptively "locks the gate." In March, emergency measures halted diesel and gasoline exports to prioritize domestic supply.
③ Highly diversified sources and channels—parallel pipelines from Russia, China-Kazakhstan, and China-Myanmar, with the top five source countries each accounting for no more than 20%.
While others are temporarily patching up, China is testing a pre-prepared system.