AI Summary

China's decision to tap its oil stockpiles is a significant development in the ongoing Middle East crisis. This move indicates that Beijing is choosing to conserve its resources and avoid paying high prices for immediate crude deliveries. The Middle East conflict has had a substantial impact on global oil supply, resulting in a significant reduction of about a tenth of the world's supply. China, being the world's top crude importer, is likely feeling the effects of this disruption. The tapping of oil stockpiles is expected to continue over the next few months, with estimates suggesting an average draw of around 1 million barrels per day.

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