Filed under: Uncategorized | Tags: China oil consumption, China oil imports, oil reserves, oil reserves purchases, SPR, strategic petroleum reserve, US oil consumption
China consumption rising, US consumption dropping. From the Wall Street Journal:
Analysts have been watching China’s import data climb higher over recent months. The wave of imports, added to domestic production, has exceeded the amount of crude the country’s refineries can process, analysts said.
Moreover, China has been increasing its oil purchases even though prices have soared, a rare occurrence for a country that usually steps out of the market when prices are high. The market’s conclusion: After a three-year hiatus, China is filling up its strategic petroleum reserves.
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