China s crude oil storage

What type of oil is being stored in China?

RUSSIAN OIL While China's refiners don't disclose what grade or origin of crude is being added to inventories, it's likely that Russian oil is one of the main types being stored.

Is China still building up crude oil inventories?

But despite the solid gain in refinery processing, it appears that China is still building up crude oil inventories in commercial or strategic storage tanks.

Why did China boost crude oil in December?

REUTERS/Aly Song/File Photo Purchase Licensing Rights LAUNCESTON, Australia, Jan 18 (Reuters) - China boosted the volume of crude oil being stockpiled in December as lower prices encouraged refiners to lift imports and maintain high levels of throughput at their plants.

Should China import crude oil?

If crude oil benchmarks remain around $80 a barrel, then China will most likely be happy to import to meet all its needs. But should crude head above $100 a barrel again, it's likely that some of the oil that has been put in storage tanks will be used, and its also likely that refineries will be restricted from exporting refined products.

Is China still building crude oil stockpiles?

One is that China is continuing to build crude oil stockpiles, even though its refinery processing rates have risen strongly in recent months.

How much crude does China need?

The International Energy Agency, which China isn’t part of, recommends that countries have enough crude to cover at least 90 days of net imports. “In terms of crude stockpiling, we believe China’s goal will not stop at 100 or 120 days of reserves,” said Mia Geng, an analyst at industry consultancy FGE.