A Picture Worth a Thousand Words: China’s Oil Inventories Are at All Time High

The increase in China’s oil inventories since the beginning of 2025 was 98.7 mb.

This stockpiling has largely involved discounted crude from sanctioned producers, including Russia, Iran, and Venezuela, allowing China to capitalize on lower prices resulting from Western sanctions. As the world’s largest oil importer and primary buyer of these redirected flows, China has effectively turned geopolitical restrictions into an opportunity for enhanced energy security and cost savings.