China doubles rate of crude stockpiling as oil falls below $0 ...United Arab Emirates

Russia Today - Economy
China doubles rate of crude stockpiling as oil falls below $0
source : Russia Today ( United Arab Emirates ) () 61
China doubled the fill rate at its strategic and commercial inventories in Q1 2020, taking advantage of the low oil prices and somewhat supporting the oil market amid crashing demand. According to estimates from Reuters columnist Clyde Russell based on official Chinese data, between January and March, nearly two million bpd of oil imports were not processed by refiners. To compare, the estimates for Q1 2019 show that out of the total Chinese crude oil availability—including imports and domestic oil production – just 1.07 million bpd were held back and not processed by refiners. The difference between the Q1 2020 and the Q1 2019 unproce

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