China takes advantage to buy oil amid crisis

China, the world's largest importer of oil, is taking advantage of the troubled panorama of oil prices to plan to buy barrels of oil and keep their reserves supplied. This year alone, the low product already reaches 60%. The information is from Bloomberg.

In the most, China has asked government agencies to coordinate the supply of tanks. It is worth remembering that the Chinese government has shown reluctant to disclose information about the size or use of their Reservations. In addition to state reserves, the Chinese government can also use commercial stocks for storage and encourage companies to supply the own tanks.

According to the information, the goal is to maintain inventories equivalent to 90 days of net imports (approximately 900 million days) of net imports can be extended to 180 days by including commercial reserves. Knowing this, oil analysts estimate that the volume would be equivalent to purchase of 80 million to 100 million additional barrels by China over the Year.


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