China was happy to back away from seaborne oil market by tapping its 1.3 billion barrels (officially) or 1.8 billion (actually) of oil storage during the Russia-Ukraine war, and increased capacity to import from Russia on the sly; this was a unique capability allowing China to stabilize the oil market when it chose.
factualpending
Speaker
Louis GavelkalEvidence Quote
“China just completely backing away from the market. Um and it could do that because officially China had about 1.3 billion barrels in in storage, but really it's probably closer to 1.8 billion uh of storage.”
Created: 8/12/2026, 6:20:13 PM
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