Last year, China boosted its crude oil imports to an annual all-time high. This view of China’s increased stockpiling was supported by the fact that China’s immediate oil demand remained lackluster while imports continued to rise. Since April 2025, China’s crude stockpiling has supported international oil prices into the $60-$70 a barrel range, despite trade wars, concerns about the economy, and soaring supply from both OPEC+ and non-OPEC+ exporters. The U.S. Energy Information Administration (EIA) also sees China’s stockpiling as supporting oil prices. Uncertainties around sanctioned barrels, especially in the latter half of 2025, were part of China’s increased crude hoarding last year.