Explainer: Inside China’s crude oil stockpiling black box

Energy security continues to evolve as a strategic priority amid growing geopolitical tensions highlighted by increased volumes, a new energy law and persistent secrecy

China’s recent stock-building may be shrouded in mystery, but one thing is abundantly clear: oil security has never been more important. The Asian economic powerhouse has been keen to reduce its vulnerability amid heightened global tensions and an enlarged geopolitical influence. Accelerated crude imports will continue well beyond 2026 in a bid to boost reserves. Petroleum Economist estimates China’s implied crude stock build in 2025 were close to 1m b/d, or around 400m bl over the year. The country’s total crude stocks are around 1.3b bl, which would be equivalent to about 140 days of import cover. These estimates likely exclude underground caverns with a capacity of 100–150m bl. That is we