China’s Oil Stockpiles Remain Robust as Teapots Crank Up Output

China has kept its massive crude stockpiles intact, despite a collapse in Middle Eastern flows due to the Iran war, with the much-maligned private refiners playing a pivotal role.

Overall crude inventories have dipped by less than 1 million barrels since the war began at the end of February, according to Energy Aspects, a fraction of the estimated 1 billion-barrel hoard which includes strategic stockpiles. That’s even after Beijing recently gave state-run refiners approval to tap some commercial reserves to help cushion the blow from lost Persian Gulf supply.