18/06/2025, 𝓼𝓮𝓪𝓯𝓪𝓻𝓮𝓻'𝓼 𝓾𝓹𝓭𝓪𝓽𝓮 China is continuing to build up crude oil stockpiles as it refines substantially less than what it has available from imports and domestic production. This allows the world’s biggest oil importer to buy lower volumes in coming months as prices surge over Middle East tensions. China’s surplus crude amounted to 1.4 million barrels per day (bpd) in May, the third straight month it has been above the 1 million bpd level, according to calculations based on official data. The price of crude oil has spiked since June 13 when Israel launched a series of air strikes against Iran, prompting drone and missile retaliation by Tehran. While the conflict has yet to hit Iran’s crude oil production and export facilities, the heightened risks have seen Brent futures BRN1! rise almost 6% since the close on June 12 to trade around $73.58 a barrel in Asia on Tuesday.