China Keeps Oil Tanks Near Full as War Cut Daily Imports by a Third
Updated
Updated · The New York Times · Jun 21
China Keeps Oil Tanks Near Full as War Cut Daily Imports by a Third
3 articles · Updated · The New York Times · Jun 21
Summary
China’s crude stockpiles remain nearly full and refinery tanks are brimming with gasoline and diesel even as much of the world emerges from the Iran war with depleted supplies.
Roughly one-third lower daily oil imports during the war helped preserve those inventories, with the pullback driven largely by higher prices rather than an urgent supply shortage at home.
If traffic through the Strait of Hormuz fully resumes in coming weeks, tankers stranded in the Persian Gulf and bound for China would start moving again, likely causing a temporary surge in Chinese deliveries.
Years of buying more oil than it needed when prices were low left China unusually insulated, supporting Beijing’s broader push for self-reliance against future supply disruptions.