Bolstering oil stockpile, China’s import surge seen creating a 120-day shock shield

China’s surge in crude imports early this year has strengthened its stockpiles against a backdrop of rising Middle East tensions and global supply risks.China imported 96.93 million tonnes of crude in January and February, up 15.8 per cent from the same period in 2025, according to customs data released on Tuesday. The value of those imports, meanwhile, fell 5.2 per cent from last year in US dollar terms.“China was accumulating oil and gas stockpiles [earlier this year], with the market expecting the US to strike Iran,” said Chim Lee, senior analyst at the Economist Intelligence Unit. “It built on the record-breaking strong stockpiling momentum we saw in 2025.”Since US-Israeli airstrikes on Iran began on February 28, commercial traffic in the Strait of Hormuz - a critical oil artery south of Iran through which about one-fifth of the global supply passes - has largely come to a standstill.The escalating regional conflict has spilled over into other Gulf nations, forcing key refineries in countries such as Saudi Arabia and Iraq to scale back crude production.While highly exposed to Middle Eastern oil, China has built a substantial stockpile - which Lee estimated to be around 120 days of import cover - that provides a buffer against potential supply shocks.