China’s Massive Oil Stockpile Shields It from Iran War Shock
China’s crude oil inventories have barely budged since the Iran conflict began on February 28, 2026. At around 1.8 billion barrels, the drawdown totals less than 1 million barrels despite weeks of fighting in a key oil region.
This stability comes after a deliberate buildup. Stocks have surged 29 percent, or about 400 million barrels, since March 2025. Beijing loaded up on discounted Iranian crude, hitting a record 1.9 million barrels per day, while adding Russian supplies and halting fuel exports to keep more at home.
The result is the world’s largest strategic buffer. While others face price spikes and supply risks, China sits on steady reserves and continues to absorb global disruptions without panic.