China ramps up crude oil stockpiles, as prices collapse
|According to the Associated Press, China, the world’s top oil consumer, is ramping up its crude oil stockpiles, taking advantage of the recent collapse in global oil prices.
The ruling Communist Party’s Political and Legal Commission said on its social media account, low oil prices “have a positive impact on China.”
China is reportedly boosting its strategic petroleum reserves (SPR), as well.
The Commission said that the plunge in prices gives Beijing a unique chance to build up that reserve but gave no indication the government was doing that.
“This is a once-a-century opportunity!” it said.
Meanwhile, the China Customs reported that oil Imports rose 4.5% in March over a year earlier even as the economy shut down to fight the virus and demand collapsed. For the first quarter of the year imports were up 5%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.