China stored crude oil at high rate in first quarter
Numbers suggest China was dealing with the loss of consumption due to the coronavirus pandemic
20 April 2020 - 17:04
Launceston, Australia — Rather than cutting back on imports, China pushed crude oil into storage tanks at almost double the rate in the first quarter of 2020 than it did in the same period in 2019 as the new coronavirus hit domestic consumption.
China does not release official data on flows into strategic and commercial stockpiles, but an estimate can be made by subtracting the amount of crude processed by refineries from the total volume of oil available from both imports and domestic output...
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