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A tenuous deal with Iran has pushed oil prices lower, but U.S. strategic petroleum reserves are at their lowest level in 40 years and commercial inventories have been heavily drawn down.
Global oil inventories are buffering consumers from the full force of the supply shock, but analysts warn that reserves can't be drawn down indefinitely.
China had more than a billion barrels of crude oil in reserve when the war in Iran disrupted the market. The country has also spent years diversifying its energy sources and accelerating electrification.
