How China Helped Keep Oil Prices in Check During Iran War The global economy narrowly avoided a major price surge when China deliberately reduced oil purchases after the Iran war erupted in February.
By stockpiling crude and slowing imports, Beijing successfully kept prices under control, preventing what many had feared would be an economic disaster. China's massive strategic reserves – estimated at 1.
4 billion barrels by the US Energy Information Administration in December 2025 – have been a crucial factor in keeping oil prices stable.