CHINA NEARS OIL STOCKPILE DRAW China is close to tapping commercial crude reserves as the Middle East war drags on, says FGE NexantECA. Drawdowns could reach up to 1 million barrels a day over the next 4–6 weeks to keep refineries running. After heavy stockpiling, China holds about 1.4 billion barrels, giving it room to act—though strategic reserves are likely to remain untouched. Early signs of disruption are limited, with analysts like Antoine Halff noting any impact from Gulf supply issues may take time to reach China. For now, Beijing is curbing fuel exports and trimming refinery runs as a precaution while trying to preserve stockpiles as long as possible.(*Walter Bloomberg)