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China next year is expected to increase the purchase amount of strategic oil reserves

China next year is expected to increase the purchase amount of strategic oil reserves

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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China next year is expected to increase the purchase amount of strategic oil reserves

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
Barclays Bank (Barclays) analyst Zhang Chi said on Tuesday (November 10th) in the report, China's strategic reserve procurement volume next year will be increased to 230000 barrels a day. In addition, assuming that oil prices remain low, then with the new capacity in place, the purchase amount will be doubled.
The line is expected in 2020, China's strategic oil reserves will reach 550000000 barrels, or even 730000000 barrels.
However, Barclay said that China's strategic oil reserve procurement on the market supply and demand balance and price fluctuations will have a slight impact. In the process of realizing the reserve target, China will rely on the private sector to overcome the problem of production capacity.
The bank also expects China's commercial oil inventories will be increased to 330000000 barrels, the strategic oil reserves will increase the purchase of crude oil demand will increase by 180000 barrels a day.
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