China Oil Strategy Keeps Prices Stable Amid Iran Conflict Disruption

China has stockpiled 1.4 billion barrels of crude oil, helping maintain stability in global oil prices during the disruptions caused by the Iran conflict. Following the onset of the war in late February, China's oil imports fell below 8 million barrels per day for the first time since 2016. By July and August, imports rebounded 22% and 6.2% month-over-month, respectively, although they remain below last year's levels. The situation indicates that a return to pre-war import rates could lead to further increases in global oil prices, which currently hover around $100 a barrel. This matters for ordinary investors as elevated oil prices can impact global economic growth forecasts.