China Draws on 1 to 1.4 Billion Barrel Oil Reserves to Cushion Global Market from Hormuz Crisis

According to Eco Iran, China imported about 400 million fewer barrels of crude over the past six months compared with the same period in 2025, offsetting part of the shortfall by drawing on its strategic reserves, a move the report says has played a role similar to OPEC+'s past market balancing function and has helped keep the current Strait of Hormuz tension from driving a fuller spike in oil prices. Estimates put China's total oil reserves at roughly 1 to 1.4 billion barrels, equivalent to about 120 days of the country's imports.

Beijing has invested heavily in oil storage in recent years to reduce its vulnerability to disruptions along the sea routes that carry its crude, including the Strait of Hormuz and the Strait of Malacca. Expanding renewable energy and greater reliance on coal have also reduced the country's dependence on oil imports. The reserves are not unlimited, however, and a prolonged crisis would be a real test of China's economic resilience. As Iran's largest oil buyer, China's behavior has a direct bearing on the outlook for Iran's oil exports and on global demand.