Overview
- Analysts estimate China added about 200,000 barrels per day to its crude inventories in July after imports rebounded and refinery runs stayed low.
- Outside calculations put China’s total commercial and strategic stockpile near 1.2 billion barrels, meaning the country kept most of its wartime holdings intact.
- Beijing first banned refined-fuel exports on March 11 to protect domestic supply and has since relaxed controls by issuing a 2.7 million‑ton export quota that can be rolled into September.
- Chinese customs data show refiners shipped 4.65 million tons of refined products in July, a 6.7% monthly rise with diesel exports jumping 88% to 810,000 tons.
- The combined policy of selective stockpiling and measured export releases has eased regional shortages, which should steady diesel and gasoline availability and could draw crude imports higher as refiners restart runs.