China’s Stockpiles Could Drive the Next Oil Rally, Not the Middle East

OilPrice.com argues that China’s massive crude inventories and strategic stockpiling allowed refiners to meet domestic demand while imports fell during the Iran conflict, shifting Gulf cargoes to other buyers and stabilizing prices. As Beijing times its purchases around these stockpiles, China’s inventory dynamics could become the key driver of the next oil rally—potentially more influential than Middle East production or OPEC capacity—while Iran’s exports face constraints and floating cargoes remain unsold.