China is sitting on massive oil reserves: Chinese crude oil imports surged +15.8% YoY in February, the biggest monthly jump since August 2023. Growth rates have QUADRUPLED since the end of 2025. After over a year of stockpiling, China has built up an estimated 1.2 billion barrels of reserves. This includes ~851 million barrels of commercial inventory, the supply that would likely be used first. Meanwhile, refiners could start drawing as much as 1 million barrels per day over the next 4 to 6 weeks. In the first week of the Iran War, Beijing already ordered its biggest refiners to restrict fuel exports and prioritize gasoline and diesel production over chemicals as a precautionary move. China is playing the long game amid the Iran War.(The Kobeissi Letter)