Bolstering oil stockpile, China’s import surge seen creating a 120-day shock shield
Crude volumes rose sharply in January and February as Beijing amassed reserves, pre-empting Mideast risks, and analysts say it provides a strong buffer for global supply disruptions
China’s surge in crude imports early this year has strengthened its stockpiles against a backdrop of rising Middle East tensions and global supply risks.
China imported 96.93 million tonnes of crude in January and February, up 15.8 per cent from the same period in 2025, according to customs data released on Tuesday. The value of those imports, meanwhile, fell 5.2 per cent from last year in US dollar terms.
“China was accumulating oil and gas stockpiles [earlier this year], with the market expecting the US to strike Iran,” said Chim Lee, senior analyst at the Economist Intelligence Unit. “It built on the record-breaking strong stockpiling momentum we saw in 2025.”
The escalating regional conflict has spilled over into other Gulf nations, forcing key refineries in countries such as Saudi Arabia and Iraq to scale back crude production.
While highly exposed to Middle Eastern oil, China has built a substantial stockpile - which Lee estimated to be around 120 days of import cover - that provides a buffer against potential supply shocks.
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US-Israeli strikes hit oil storage facility in Tehran
Global oil prices have surged, soaring past US$110 a barrel before US President Donald Trump on Monday signalled that the conflict could soon end, cooling the rally.
The price of Brent crude – one of the leading benchmarks for the global crude oil commodity market – stood around US$91 per barrel on Tuesday evening, up 26 per cent since before the conflict escalated, while West Texas intermediate crude, a key US oil benchmark, had risen 32 per cent to above US$88.