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China is Hoarding Crude

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.

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