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Story summary
- In early 2026, China built crude inventories as imports reached 11.99 million bpd and output was 4.42 million bpd, yielding a 1.24 million bpd surplus.
- The Strait of Hormuz closure pushed Brent prices higher and affected oil markets.
- China may reduce imports and has halted refined fuel exports.
- Analysts question why China is not using its crude stockpile to stabilize the market amid rising prices and supply concerns.
