China just took the lead in setting global oil prices
In 2025, China overtook OPEC+ as the main force behind global oil prices.
By stockpiling massive amounts of extra oil—about 900,000 barrels per day from January to August—they managed to steady prices and became the key stabilizing force for oil prices worldwide.
How did China pull this off?
China's total oil supply (imports plus domestic production) hit 15.8 million barrels per day in 2025, way more than what its refineries actually processed.
This left a surplus of nearly a million barrels daily, with November alone seeing a record surplus.
That extra supply kept Brent crude prices stable around $68-69 per barrel.
What's happening with OPEC+ and the rest?
OPEC+ increased their own output starting April, but even that couldn't slow down China's growing influence—surpluses kept climbing anyway.
Meanwhile, countries like the US ramped up production too, especially as demand growth slowed.
Why does this matter for the future?
Experts say China's huge reserves (now up to 1.4 billion barrels) will keep growing into next year and beyond.
This means they'll likely remain the main influence on global oil pricing—and that could shape energy markets for everyone going forward.