China Guzzles Up Oil to Seize on Low Prices
What’s new: China had used up 65% of its crude oil storage capacity as of April 15, data from energy information provider OilChem China suggested.
The country had stored 31.5 million tons of crude as of Wednesday, up 8.63% from the inventory level a month ago.
What’s the background: China’s current supply of stored oil is nearing the 70% threshold viewed by many as using up all its operable capacity.
Chinese companies have been stockpiling oil to take advantage of bargain prices since a price war broke out between Saudi Arabia and Russia.
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