Chinese refiners are likely buying a combined 16 million barrels of oil a month to replenish the nation’s Strategic Petroleum Reserve at current low prices, according to Energy Aspects Ltd.
The industry consultant said this in a note shared with clients on Friday, citing recent meetings with Chinese energy majors. It didn’t give any details on when the buying for the reserves had started. The volumes would equate to roughly 5% of China’s monthly imports.
Brent has dropped sharply this quarter as the demand outlook deteriorated in major importers like China and the US. The global benchmark has lost almost a fifth of its value since the end of June and plummeted around 10% last week
Looks like they are getting a good deal while the prices are down
1 comment
Chinese refiners are likely buying a combined 16 million barrels of oil a month to replenish the nation’s Strategic Petroleum Reserve at current low prices, according to Energy Aspects Ltd.
The industry consultant said this in a note shared with clients on Friday, citing recent meetings with Chinese energy majors. It didn’t give any details on when the buying for the reserves had started. The volumes would equate to roughly 5% of China’s monthly imports.
Brent has dropped sharply this quarter as the demand outlook deteriorated in major importers like China and the US. The global benchmark has lost almost a fifth of its value since the end of June and plummeted around 10% last week
Looks like they are getting a good deal while the prices are down