China stockpiled huge amounts of oil before Iran war [View all]

Source: msn/Axios

3h


China has stashed away far more oil than any other country, according to U.S. government data released this week.

Why it matters: The stockpile, which surged last year, is emerging as a strategic advantage as the world faces an oil shock with the Strait of Hormuz largely shut.

The big picture: China is a huge winner in the Iran war due in large part to its positioning on energy, including its oil stockpile.

It also owns over 70% of global solar, wind, battery and electric vehicle supply chains.

Those are all seeing a boost as import-dependent countries turn from oil and natural gas to renewables.

Between the lines: "The war was the stress test that Beijing's energy strategy was designed for," Axios co-founder and CEO Jim VandeHei wrote in a recent Behind the Curtain column on China.

Driving the news: China's stockpiling surged in 2025 due to several factors, according to a February paper from the Oxford Institute for Energy Studies:

Relatively low oil prices tied to softer demand.

Rising geopolitical risks, including disruptions tied to sanctions on major suppliers to China like Russia, Venezuela and Iran.

A new domestic energy law that required companies to hold more reserves.

Read more: https://www.msn.com/en-us/money/markets/china-stockpiled-huge-amounts-of-oil-before-iran-war/ar-AA21wQgh

---

Link to US EIA REPORT - China, the United States, and Japan hold most strategic oil inventories in 2025