China has relied on its huge crude oil inventories since the Iran war hiked oil prices to above $100 per barrel. The world’s biggest crude importer has drawn from its 1.3-billion-barrel stash for most of the months after March as it slashed imports amid soaring prices. The stock draws, and the reduced imports in the spring and summer, have even kept benchmark crude oil prices in check despite the major disruption to flows from the Middle East, as China’s crude supply management was one of the key buffers the market has had since the…

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.