China's growing oil stockpile  

Posted by Big Gav in ,

The Washington Post has an article on China's strategic oil reserve - China may be stockpiling more oil than anyone realized.

One of the mysteries of the oil market is the question of how much crude oil China has squirreled away in commercial and strategic stockpiles.

Now a satellite-imaging firm called Orbital Insight claims to have an answer. It says Chinese inventories in May stood at 600 million barrels, substantially more than commonly thought and nearly as much as the U.S. Strategic Petroleum Reserve. Chinese storage capacity, which includes working inventory, is four times widely used estimates, Orbital Insight says, adding that the firm has not only counted storage tanks but has also used imaging techniques to figure out how much oil is in the tanks.

The issue could influence expectations in oil markets. If China has built larger reserves than previously estimated, that means much of what looked like oil demand over the past couple of years was not a result of higher consumption but of strategic planning.

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