China has amassed a record 851 million barrels of onshore commercial crude oil reserves, giving its refiners crucial breathing room amid Middle East disruptions that have strained competitors from Japan to Thailand. This strategic stockpile, combined with 413 million barrels of visible strategic reserves, provides a buffer that contrasts sharply with the force majeure declarations from other Asian nations facing feedstock shortages. The move reflects years of deliberate planning, including partnerships with Russia and Brazil, which now supply nearly half of China's crude despite geopolitical risks.

Domestic production has also hit record levels, reducing reliance on imports. While Beijing maintains tight control over exports to conserve supply, the uneven impact on refiners varies by location, with northern plants benefiting from domestic and Russian supplies while southern facilities face seaborne disruptions. Several plants have already cut run rates by 8 percentage points since the war began.

The situation underscores China's successful energy security strategy, though it may limit the scope of the upcoming Trump-Xi summit to trade issues alone.