China's large stockpile of crude oil is likely to provide a cushion for global energy inflation, as it is a major buyer of Russian crude and is the destination for Iranian crude at sea. This could be achieved through increased exports of refined products if Asia's export-orientated refineries become low on crude supplies. China also has an advantage as its refiners refine stockpiled crude and export products such as diesel and gasoline to benefit from a surge in fuel prices. The country's crude imports are estimated at 12.47 million bpd for the first two months of 2018, largely due to discounted Russian and Iranian barrels. Since China controls domestic prices of retail fuel, it will avoid any potential energy-led inflation affecting competitors in the US and Europe. China's advantage extends beyond crude oil to both coal and liquefied natural gas.