At the Asia Pacific Petroleum Conference (APPEC) in Singapore, the procurement strategy of China's Strategic Petroleum Reserve (SPR) has attracted high attention from global traders. Due to the Chinese government's classification of reserve data as a state secret, the market continues to speculate on its true size and import pace, exacerbating uncertainty in the international oil market. According to third-party data, as of early September 2025, China's SPR and commercial inventories have reached 415 million barrels and 780 million barrels respectively, a significant increase of 130 million barrels from the end of March. Geospatial analysis company Kayrros pointed out that the utilization rate of China's above ground oil storage facilities is only 60.5%, and there is still considerable room for increasing storage capacity. There are multiple factors behind China's large-scale increase in crude oil storage. On the one hand, the relatively low oil prices have become an important opportunity for China to increase its reserves. On the other hand, the implementation of China's new Energy Law has included strategic petroleum reserves as a legal obligation for enterprises for the first time, promoting a significant increase in commercial oil storage capacity. In addition, geopolitical factors are equally crucial. Faced with the risk of US sanctions, China has increased its reserves to ensure energy security. Currently, 20% of China's imported crude oil comes from sanctioned countries, and increasing inventory has become a rational choice to cope with potential supply disruptions.