China has stashed away far more oil than any other country, according to U.S. government data released this week.

Why it matters : The stockpile, which surged last year, is emerging as a strategic advantage as the world faces an oil shock with the Strait of Hormuz largely shut.

The big picture : China is a huge winner in the Iran war due in large part to its positioning on energy, including its oil stockpile.

It also owns over 70% of global solar, wind, battery and electric vehicle supply chains.

Those are all seeing a boost as import-dependent countries turn from oil and natural gas to renewables.

Between the lines : "The war was the stress test that Beijing's energy strategy was designed for," Axios co-founder and CEO Jim VandeHei wrote in a recent Behind the Curtain column on China.

Driving the news : China's stockpiling surged in 2025 due to several factors, according to a February paper from the Oxford Institute for Energy Studies:

Relatively low oil prices tied to softer demand.

Rising…