Daily Management Review

China is stocking up for winter


11/15/2017


China returned to the accumulation of oil reserves in November, which was a serious rebound compared to September and October, when stocks fell by more than 120 million barrels according to Orbital Insight Inc.



pixabay
pixabay
During the first 9 days of the month, the country’s oil reserves grew by about 37 million barrels. From 2014 to 2016 years, the country on average increased its reserves by 22 million barrels from early November to late December, according to Orbital.

Chinese reserves are much more important for the glut of the world oil market than less than a third of the total oil production since the summer of 2014.

JPMorgan in 2016 estimated that the annual growth of China's strategic oil reserve was dizzying: from 491 thousand barrels per day in 2015 to a record 1,191 million barrels per day in 2016, which is approximately 15% of total imports of the country's oil.

Previously, JPMorgan found out that the Chinese strategic oil reserve is in dangerous proximity to its design capacity, which is just over 500 million barrels. Analysts predicted that Chinese oil imports will decline by about the volume that has gathered in the strategic oil reserve, since the end of 2016, when the reserve reached full capacity.

source: bloomberg.com






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