China stashed more than three times as much crude oil as the US in 2025, new data shows.

The US government report underscores how intensely China worked to bolster its reserves ahead of the Iran war, giving it a crucial buffer in the face of energy supply disruptions during the conflict.

The stockpiling surged last year in particular because of low oil prices, rising geopolitical risks, and a new law requiring more reserves, analysts said. “There’s a lot they can look back on and say, ‘We made the right call,’” a Columbia University scholar told CNN.

But one economist argued that the US and Japanese stocks stretch further than Beijing’s because China consumes much more energy.