China's Oil Stockpiles Helped Cushion Global Energy Shock, Economists Say

According to CNBC, economists said China’s years of crude stockpiling and later pullback in oil purchases after the Middle East war erupted in late February helped prevent a deeper global energy crisis, even as Beijing shows signs of resuming imports. Paul Gruenwald, global chief economist at S&P Global Ratings, said China helped avert a "doomsday scenario" when a Strait of Hormuz closure threatened 20% of global energy supply. The U.S. Energy Information Administration estimated China held 1.4 billion barrels of strategic crude oil inventories as of December 2025, compared with 825 million barrels in the U.S., and said China’s crude imports fell below 8 million barrels a day in May and June for the first time since 2016. Brent crude had eased to around $80 a barrel before rising above $100 on Wednesday amid renewed hostilities between Iran and the U.S. in the Gulf. China’s crude imports then rebounded 22% in July and 6.2% in August from the prior month, though they remained well below year-earlier levels.