China’s Strategic Oil Reserve: Boosting Energy Security Amid Global Tensions

China’s pursuit of energy self-sufficiency stands central to its national strategy, particularly given its heavy reliance on oil imports, constituting about 70% of its consumption. Amid escalating US sanctions targeting Russian energy, China has quietly amassed crude reserves at an unprecedented rate in the past year. Importing over 11 million barrels daily, exceeding Saudi Arabia’s output, China redirected up to 1.2 million barrels per day for storage, creating a crucial supply cushion against global disruptions. As oil prices dipped to nearly five-year lows near $65 a barrel recently, China capitalized on the market environment, heightening its reserve accumulation. President Xi…