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OIL: Chinese Refiners Buying 16mbbl of Crude a Month for SPR: Energy Aspects

OIL

Chinese refiners are likely buying a combined 16 million barrels of oil per month for the Strategic Petroleum Reserve to take advantage of current low prices, according to Energy Aspects citing recent meetings with Chinese energy majors.

  • The volumes would equate to approximately 5% of China’s monthly imports.
  • The state-owned oil companies are typically responsible for replenishing the SPR.
  • In July, Chinese state oil companies were told by the government to add 8m metric tons (around 60mbbls) of crude to the country’s emergency stockpiles according to Vortexa. The stockpiling programme covers July through March next year.
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