China stockpiled 1.2 Billion barrels of oil so this is why prices are still as low as they are. But, when they run out prices will jump up to 10 or 12 dollars a gallon

Analysts warn that drawing down reserves cannot continue indefinitely without rebuilding inventories.

So,prices will rise worldwide significantly to 10 or 12 dollars a gallon or who knows what when this happens (all because of Trump's idiocy in Iran).

 

begin quote from AI Overview

 

✅ China's Stockpiles and Lower Oil Prices

China has kept global oil prices from surging by sharply reducing its overseas purchases and drawing down its massive crude stockpiles of around 1.2 billion barrels. 

📊 The Mechanics of China's Market Impact

📦 Massive Reserves: China holds an estimated 1.2 billion barrels in onshore storage.
📉 Import Cuts: Purchases dropped by several million barrels a day during Middle East supply shocks.
🔌 EV Transition: Rapid adoption of electric vehicles permanently lowered domestic transport fuel demand.
🏭 Refinery Slowdown: Chinese refining activity hit record contractions, easing global crude competition. 

⚠️ Sustainability of the Strategy

⏳ Depleting Buffers: Analysts warn that drawing down reserves cannot continue indefinitely without rebuilding inventories.
📈 Upward Pressure: Future supply tightness and geopolitical conflicts could still push oil prices higher as stockpiles normalize. 

Would you like to explore price forecasts for the upcoming year or look into how alternative energy adoption is shifting global demand trends?

• 

  The Dispatch

  How China Saved the Global Oil Market - The Dispatch

  China's "Beijing Swing" has been a major offset to the crisis in global oil prices. China has: * **Reduced seaborne crude oil impo...

  
• 

  CNBC

  China is helping cushion oil prices — but analysts warn it won’t last

  Jun 8, 2026 — China is helping to cushion global oil prices below $100 — but analysts warn it won't last Market strategists say China is acting ...

  

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AI can make mistakes, so double-check responses

How China Saved the Global Oil Market

The Dispatch

https://thedispatch.com › Newsletters › Dispatch Energy

Aug 11, 2026 — Crude oil prices remain below $100 a barrel despite the near-constant closure of the Strait of Hormuz for more than five months.

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China's Oil Stockpile. The Buffer Reshaping Global Crude

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3.4K+ views · 3 weeks ago

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China quietly saved the world last month : r/oil

Reddit · r/oil

180+ comments · 1 month ago

31:03

chinese oil reserves are not Infinite; and the world is now losing more oil than China refuses to buy. Pretty