China is opportunistic by nature and this is the reason it is taking benefit of lower crude prices and is all out to hoard the crude at lower prices. Have a look at below data which shows Chinese tendency of taking advantage of low prices. It is worthwhile to note that China has now become the world’s second largest oil consumer.
- The world's second-biggest oil consumer has built up a surplus of about 90 million barrels of crude in the first five months of the year, government data show.
- China is constructing about 200 million barrels of storage capacity in the second stage of a plan for strategic reserves to help it manage price swings.
China Petroleum & Chemical Corp. (600028) and PetroChina Co. are the refining companies in China. You can check out daily crude tips here.