OIES – The Drivers of China’s Crude Buying Binge, Feb 2026

This report analyzes China's significant increase in crude oil stockpiling in 2025.

It estimates crude stock builds reached approximately 0.75 million barrels per day, with total stocks between 1.1 to 1.3 billion barrels, equivalent to 110-140 days of import cover. Key drivers include geopolitical tensions, sanctions, and turmoil in producing countries. The revised Energy Law mandates stockpiling responsibilities, encouraging increased reserves as a strategic hedge against supply disruption, price, and currency volatility. Price levels influence stock build pace, with prices below $70 per barrel favoring continued stockpiling. Commercial stocks in state-owned and independent refiners affect stock drawdowns and builds, influenced by import quotas, shipping disruptions, and legislation.