China’s Strategic Oil Stocks Let Beijing Cut Imports and Cushion Markets During Iran War
China's extensive crude inventories, built up over recent years, have enabled Beijing to sharply cut oil imports amid the Iran war. The stockpiles - estimated between 1 billion and 1.4 billion barrels - provided roughly 120 days of import cover and supported a 23% decline in crude arrivals between March and July versus the prior year. At the same t…