China has maintained its crude oil inventories despite significant disruptions to Middle Eastern flows following the outbreak of war in Iran. Private refiners have played a key role in stabilizing the domestic supply chain.
- Inventories decreased by less than 1 million barrels since February
- Total reserves estimated at 1 billion barrels
- Beijing authorized state refiners to use commercial reserves
- Private 'teapot' refiners are maintaining output levels
- Robust stockpiles mitigate the impact of lost Persian Gulf supply
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