Yes, China substantially bulked up its oil stockpiles (inventories/reserves held in storage) in the past 2–3 years, with particularly large increases in 2024 and especially 2025.
Key Data on Stockpile Builds
In 2025, China added an average of ~1.1 million barrels per day (mb/d) to its combined strategic and commercial crude oil inventories — equivalent to roughly 400 million barrels (or ~54 million tonnes) for the year. (U.S. EIA)
There was a similar large increase in 2024.
By the end of 2025, total inventories reached nearly 1.4 billion barrels (commercial stocks ~1 billion barrels + government-held/strategic ~360 million barrels). (U.S. EIA)
Earlier (2016–early 2024), observed above-ground stocks typically ranged between ~850 million and just over 1 billion barrels. The recent builds pushed totals significantly higher (estimates of 1.1–1.4 billion barrels by late 2025/early 2026).
These figures come primarily from U.S. Energy Information Administration (EIA) analysis, which uses a combination of Chinese official data (imports, refining, etc.), third-party trackers (Vortexa, Kayrros, Kpler), and other sources. China does not publicly disclose detailed inventory numbers, so estimates involve some uncertainty, but multiple independent analyses align on the scale of the buildup.
Context and Drivers
The Chinese government directed state-owned oil companies (NOCs) to add to reserves, with specific targets such as adding tens of millions of barrels in 2024–early 2025 periods. This occurred amid efforts to enhance energy security, given China’s heavy reliance on imports (over 70% of the crude it refines).
Additional factors included taking advantage of relatively lower prices at times and precautionary stockpiling for potential supply disruptions (geopolitical tensions, sanctions, or conflicts). China also expanded storage capacity significantly (tank farm capacity exceeded 1.8 billion barrels by mid-2024, with more coming online).
Proven Reserves (in the Ground) vs. Stockpiles
Stockpiles/inventories (what the question and related discussions usually refer to): Yes, major buildup as detailed above.
Proven reserves (undiscovered or undeveloped resources in the ground): These have seen more modest growth through exploration and development programs. Domestic production rose from around 3.8 mb/d in 2020 to ~4.3 mb/d in 2025, supported by new discoveries (especially shale/tight oil), but this is not a dramatic recent surge in the total proven reserve base compared to the stockpiling activity.
By end-2025/early 2026, China held the world’s largest strategic oil inventories by some estimates (larger than the combined U.S. SPR + commercial stocks or other major holders).
This buildup helped absorb excess global supply at times and positioned China with a significant buffer (equivalent to ~3+ months of imports in total stocks). Builds continued into early 2026 before later developments.
In short, the answer is clearly yes for stockpiles — the scale of additions (hundreds of millions of barrels in just two years) qualifies as substantial by any measure.
Looks like China got their hands on a copy of the script.
Yes, China substantially bulked up its oil stockpiles (inventories/reserves held in storage) in the past 2–3 years, with particularly large increases in 2024 and especially 2025.
Key Data on Stockpile Builds
These figures come primarily from U.S. Energy Information Administration (EIA) analysis, which uses a combination of Chinese official data (imports, refining, etc.), third-party trackers (Vortexa, Kayrros, Kpler), and other sources. China does not publicly disclose detailed inventory numbers, so estimates involve some uncertainty, but multiple independent analyses align on the scale of the buildup.
Context and Drivers
The Chinese government directed state-owned oil companies (NOCs) to add to reserves, with specific targets such as adding tens of millions of barrels in 2024–early 2025 periods. This occurred amid efforts to enhance energy security, given China’s heavy reliance on imports (over 70% of the crude it refines).
Additional factors included taking advantage of relatively lower prices at times and precautionary stockpiling for potential supply disruptions (geopolitical tensions, sanctions, or conflicts). China also expanded storage capacity significantly (tank farm capacity exceeded 1.8 billion barrels by mid-2024, with more coming online).
Proven Reserves (in the Ground) vs. Stockpiles
By end-2025/early 2026, China held the world’s largest strategic oil inventories by some estimates (larger than the combined U.S. SPR + commercial stocks or other major holders).
This buildup helped absorb excess global supply at times and positioned China with a significant buffer (equivalent to ~3+ months of imports in total stocks). Builds continued into early 2026 before later developments.
In short, the answer is clearly yes for stockpiles — the scale of additions (hundreds of millions of barrels in just two years) qualifies as substantial by any measure.
Sources:
https://x.com/SprinterPress/status/2065776423202132005
Stocking up for 2027.