The amount includes both strategic and commercial inventories, the Bloomberg source said.
Data compiled by oil data analytics company OilX (that is powered by local insights from SIA Energy) shows Chinese storage at close to 1.1 billion barrels and has been growing again after a decline in December 2020, with massive imports during February 2021, OilX chief executive Florian Thaler told Oilprice.com.
OilX also noted that the Chinese SPR has been full to the brim since October 2020 at around 380 million barrels. Some of the SPR effectively had to be going into leased commercial storage, the analytics firm said.
China went on an oil-buying spree last year when international prices tanked to stock up on the vital commodity. However, as inventories built up, concern emerged that the world’s second-largest consumer of oil could run out of storage space, which would have hurt prices.
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Worldâs largest oil importer running out of storage capacity By Aaron Clark and Sharon Cho on 2/26/2021
PetroChina storage tanks
(Bloomberg) Chinaâs oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said.
The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to the coronavirus pandemic. The figure represents government and commercial inventories, said the people who asked not to be identified because the information isnât public. The reserves fluctuate but have consistently been at or above 100 days worth of imports and rose as high as 120 days recently, one of the people said.
The Geopolitical Implications Of Global Decarbonization For Mena Producing Countries
Feb 21, 2021 10:35:am
Summary Endowed with half of the world’s proven oil and gas reserves, the Middle East and North Africa (MENA) region represents a cornerstone of the established global energy architecture. As the clean-energy transition gains momentum worldwide, this architecture might shrink challenging the socio-economic and geopolitical foundations of the region in general, and of its oiland gas-producing countries in particular.
by: Pier Paolo Raimondi and Simone Tagliapietra, Oxford Institute For Energy Studies (OIES)
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The Geopolitical Implications Of Global Decarbonization For Mena Producing Countries
This challenge has two dimensions: domestic and international. Domestically, a decline in global oil and gas demand would reduce revenues for producing countries. Considering the profound dependency of these countries on oil and gas rents (the
The Middle East And The Geopolitics Of The Energy Transition: Myths And Realities naturalgasworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasworld.com Daily Mail and Mail on Sunday newspapers.