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China's Oil Drawdown Hits Low; Fertilizer Surge Drives Food Prices

6/7/2026

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Summary

Story summary

China is drawing down oil reserves, buying several million barrels less than last year and reaching its lowest level.
Analysts say the drawdown could trigger an oil price spike if the war does not end within a month.
Rising fertilizer costs—nitrogen-based up 40-50% and other fertilizers at least 20%—are driving food prices to stay high for 6-12 months as rice planting falls in Southeast Asia and other regions.

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Story summary

China is drawing down oil reserves, buying several million barrels less than last year and reaching its lowest level.
Analysts say the drawdown could trigger an oil price spike if the war does not end within a month.
Rising fertilizer costs—nitrogen-based up 40-50% and other fertilizers at least 20%—are driving food prices to stay high for 6-12 months as rice planting falls in Southeast Asia and other regions.