China’s Oil Stockpile ‘Low as It Can Go’ Ahead of OPEC+ Meet
- Commercial, strategic supplies at lowest since 2018: Kayrros
- Crude prices have rallied this year on rebound from pandemic
Photographer: Dongxu Fang/Costfoto/Barcroft Media/Getty Images
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China may be forced to start buying crude at elevated prices to replenish its thinning crude stockpiles, adding more pressure to a nation that’s facing energy shortages and seeking to avert a diesel crisis.
Commercial and strategic oil inventories have shrunk to the lowest level since November 2018 in terms of filled capacity, according to data analytics company Kayrros, which tracks supplies at about 190 terminals. China attempted to cool prices this year by releasing crude reserves, but that had little impact, and only exacerbated the steady decline in overall stockpiles.