Let’s Talk Energy and unpack the curious trend of China stockpiling crude oil, with commodities market expert Lin Ye. This year, China has consistently bought more crude than it needs, socking away the extra into storage. In some months, the country has added more than a million barrels per day. This unexpected source of global demand has helped keep crude prices buoyant despite OPEC+ rapidly unwinding its voluntary supply cuts, plus growing production from non-OPEC+ sources like Brazil and Guyana. So, how much oil is China putting into storage? How has this impacted oil prices and trade flows? Why are Chinese refiners stocking up, and how long might they keep it up?

Further Analysis:

Fueling a nation: China's 'Big Three' NOCs drive energy security and innovation (accessible for non-clients)

Fewer refineries, greater capacity: Middle East and Asia lead the charge (accessible for non-clients)

China’s crude stockpiling backstops global oil prices (clients only)

Chinese demand keeping Venezuelan barrels afloat amid US sanctions (clients only)

Dubai backwardation builds on geopolitical tensions and OPEC+ supply surge (clients only)

Oil Market Monthly Demand Report – September 2025 (clients only)

Let’s Talk Energy is a Rystad Energy Production.

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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