Beijing’s hidden oil buffer keeps global prices in check

China has sharply reduced its crude oil imports to eight-year lows while global oil prices have remained modest; analysts say China’s large underground reserves, mandatory stockpiling by state firms, and continued use of strategic reserves—perhaps with unseen inventories—have allowed Beijing to cushion its domestic economy and potentially influence world energy markets for months, a move that could have wide geopolitical implications and may prolong volatility tied to the Hormuz crisis.