China’s Oil Stockpiling Accelerated in October

Group 1 - China stockpiled crude oil at a daily rate of approximately 690,000 barrels in October, an increase from 570,000 barrels daily in September [1] - Refinery throughput in October averaged 14.94 million barrels daily, representing a 6.4% year-on-year increase, but a decline from September's average of 15.26 million barrels per day [2] - Total daily supply in October, combining imports of 11.39 million barrels and local production of 4.24 million barrels, reached 15.63 million barrels, with the excess likely going into storage [3] Group 2 - China's stockpiling has contributed to the stability of oil prices, as the world's largest oil importer builds a supply cushion to mitigate potential disruptions [4] - Over the first ten months of the year, China maintained a stockpiling rate of 900,000 barrels daily, providing a significant buffer against disruptions such as U.S. sanctions on Russian oil companies [5]