Business & Finance

China's oil stockpiles and reduced imports softened global energy shock

CNBC reports that China's crude reserves helped curb oil price spikes during Middle East disruptions.

Updated Sep 10, 2026 · 06:48 UTC1 reports

The short version

China reduced its crude purchases and tapped stockpiles following Middle East disruptions, helping prevent a severe price spike after the Strait of Hormuz was shut.[CNBC]
Crude imports into China dropped below 8 million barrels daily across May and June before rebounding in July and August.[CNBC]
Crude benchmark Brent crossed $100 per barrel following renewed Gulf tensions, raising concerns over future price stability.[CNBC]
Analysts caution that if Chinese purchases return to pre-war levels, high oil prices could increase pressure on global economic growth.[CNBC]

Paul Gruenwald of S&P Global Ratings stated that China avoided an energy crisis scenario by using crude reserves and cutting purchases after Middle East conflict erupted.[CNBC]
The U.S. Energy Information Administration estimated China held 1.4 billion barrels in commercial and strategic crude oil stockpiles as of December 2025.[CNBC]
China's crude imports fell below 8 million barrels per day in May and June, marking their first such contraction since 2016.[CNBC]
Brent crude climbed past $100 per barrel amid fresh military tensions between the United States and Iran in the Persian Gulf.[CNBC]
Official trade data showed China's crude imports rebounded month-on-month by 22% in July and 6.2% in August.[CNBC]

Whether China will return to pre-war purchasing volumes, which the IMF warned could intensify the drag on global growth.[CNBC]
Whether crude prices will rise to $120 per barrel as shipping disruptions persist, as projected by Goldman Sachs.[CNBC]

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.