5 Min Read
SINGAPORE/BEIJING (Reuters) - China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports.
FILE PHOTO: A China Ocean Shipping Company (COSCO) vessel is seen near oil tanks at the China National Petroleum Corporation (CNPC) s Dalian Petrochemical Corp in Dalian, Liaoning province, China October 15, 2019. REUTERS/Stringer
Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China this year, according to a survey of five analysts, more than a month’s usage in the world’s second-largest oil consumer.