原文：China accumulated huge oil reserves before the war in Iran
In 2025, China replenished its strategic oil reserves by an average of 1.1 million barrels per day, reaching almost 1.4 billion barrels by December 2025, and continued to build up reserves this year until the start of the war in Iran. UNN 报道的美国能源信息管理局的分析表明了这一点。
"According to our estimates, in 2025, China replenished its strategic oil reserves by an average of 1.1 million barrels per day, and by December 2025, their volume reached almost 1.4 billion barrels. According to preliminary government data, China continued to build up reserves in 2026 as well, before the conflict with Iran began." - 报告称。
It is noted that China does not publish data on its oil reserves, so the estimate is based on data on imports, exports, refining, and oil reserves obtained from independent and official sources.
"For this analysis, we consider both China's state and commercial reserves to be part of its strategic oil reserves, based on reports that since 2024, China's national oil companies have been instructed to add oil for emergencies to commercial reserves, which effectively serve as a second source of strategic reserves." - 增加了行政管理。
政府认为中国的商业和国家原油储备都是战略石油储备的一部分。 According to estimates, in December 2025, state reserves in China averaged about 360 million barrels, which is approximately equivalent to the level of US strategic oil reserves of almost 414 million barrels during the same period.
China's commercial crude oil reserves, which include refinery stocks, grew to an estimated 1 billion barrels by December 2025, compared to 411 million barrels held in commercial stocks in the United States.
In contrast, according to the administration, the US Strategic Petroleum Reserve, established in December 1975, has a total capacity of 714 million barrels of crude oil. 2025年12月，持有储备金