China Begins Tapping Oil Stockpiles as Middle East Crisis Drags On ...Middle East

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China Begins Tapping Oil Stockpiles as Middle East Crisis Drags On
source : OILPRICE ( Middle East ) () 37
China began tapping its huge oil reserves in May, three months after the Middle East conflict wiped out about a tenth of global supply, in a sign that Beijing is still refraining from paying top-dollar for prompt crude deliveries. Over the next few months, China is expected to draw an average of about 1 million barrels per day (bpd) from its massive oil stockpiles, according to estimates by energy consultants and energy flow-tracking firms Energy Aspects, Kpler, and Vortexa cited by Bloomberg. China is the world’s top crude importer, but…

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