BackWORLD
Before Iran War, China Amassed World's Largest Oil Stockpile, US Data Show
US government data released this week indicate China built the world's largest oil stockpile ahead of the Iran conflict. The New York Times reported a rise in China's oil imports in January and February 2026, while the United States has been drawing from its SPR; Iran has warned about Hormuz. The developments reflect broader tensions affecting global energy markets.
Why It Matters
China's increased oil reserves amid geopolitical tensions could impact global energy supply, prices, and security strategies as Iran confronts sanctions and regional disruption persists.
Timeline
6 Events
Hormuz disruption and Iran's vow on reopening
April 23, 2026
The Iran war has disrupted traffic through the Strait of Hormuz, through which one-fifth of the world's oil supply flows. Iran vowed it would not reopen the Strait as long as the United States continues to blockade its ports.
Cosimo Ries on stockpiling as a strategic step
April 23, 2026
Cosimo Ries, an energy analyst at Trivium China, said stockpiling is a 'pretty wise' and 'strategic step' given rising geopolitical risk.
US data: China builds largest oil stockpile ahead of Iran war
April 23, 2026
According to United States government data released this week, China continued building oil inventories in 2026, adding to what the report describes as the world's largest stockpile ahead of the Iran conflict.
Trump authorises 172 million barrel SPR release
April 2026
President Donald Trump authorised the release of 172 million barrels of oil from the Strategic Petroleum Reserve to combat high energy prices and supply disruptions caused by the Iran conflict.
US SPR stockpiles and April sales
April 2026
The United States has been drawing from its Strategic Petroleum Reserve; by April 2026 it was left with 405 million barrels after selling 8 million barrels in April.
NYT reports 15.8% rise in China oil imports for Jan–Feb 2026
April 2026
The New York Times reported in April 2026 that China imported 15.8 per cent more oil in January and February 2026 than in the same period the previous year.