China’s oil buying habits are steering global prices—stockpiling when cheap, cutting back when expensive. With over a billion barrels in reserves, they’ve become a swing buyer, slashing imports 40% last June amid high prices and Middle East turmoil. Now, as prices hover near $90, they’re drawing from those reserves while Middle Eastern discounts may nudge them to buy more. Plus, easing fuel export rules could boost crude demand, even as they maintain mandated inventories. China’s moves will be key to oil’s next move, alongside Middle East supply woes.
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