China’s Oil Hoarding Clouds Outlook for Slowing Demand Growth

China’s robust stockpiling of crude is expected to continue next year, helping to cushion global markets from a swelling surplus, but masking a broader trend of slowing oil demand growth.

Buying for commercial and strategic petroleum reserves propped up global oil prices in 2025, as the market grappled with the rapid return of idled output from OPEC+ and rising supply from other producers. Underpinned in part by energy security needs, Chinese stockpiling is expected to expand further next year, according to forecasts from Citigroup Inc. and FGE NexantECA.