CHINA is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand.
As of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, up by 24% from the previous year, according to data from energy information provider Oilchem China. That’s only 1 percentage point away from the 70% threshold that experts view as the country’s capacity limit.
The dwindling storage space is a result of the enormous amount of oil purchased by bargain-loving domestic buyers in March and April, said an oil analyst. The shipments, most of which arrived at Chinese ports over the past two months, has gradually topped up storage tanks.
The situation, which has also been exacerbated by low turnover, is most prominent in East China’s Shandong province, one of the country’s oil refining hubs. Oil tankers have to wait 15 to 20 days there before they are able to offload their cargos, the analyst added.
In May, China’s oil imports jumped 19.5% to 47.97 million tons, bringing the country’s cumulative imports for the year to 216 million tons, according to China’s customs agency.
Authorities have moved to deal with the issue by allowing some storage sites to expand their capacity and by granting some companies the rights to sell petroleum products abroad.
Industry analysts have forecast that China’s crude oil imports will continue to grow, perhaps even surpassing May’s levels. Given the gradual recovery of domestic demand for fuel and other petroleum products, the amount of oil held in storage may peak this month.
Source: Newzandar News News
- The Lovely Moment Rudeboy Visited Regina Daniels And Her Husband, Ned Nwoko (Video)In Celebrity NewsNovember 27, 2020Rudeboy has taken to social media to share a lovely video of himself with the Nwoko family looking all happy when he visited them. Paul Okoye, known ...[Read more]
- BBNaija: “Pls Stop Showcasing Fake Nyash” – Nengi Blasted Over Her Sense Of Fashion (Video)In BBNaija, Celebrity NewsNovember 27, 2020Former Big Brother Naija housemate, Nengi, has ‘chopped’ a ‘stray bullet’ from an angry fan over a video someone posted. Nengi An Instagram blogging ...[Read more]
- BBNaija: Leo DaSilva Reveals Why Men Don’t Get Excited About Their Birthdays Like WomenIn Celebrity NewsNovember 27, 2020BBNaija star, Leo DaSilva, has divulged reasons why men do not exaggerate and get more excited about their birthdays than women. He disclosed this in ...[Read more]
- VIDEO: Two Okada Riders And Two Men Fight In The Middle Of The Road In AccraIn GhanaNovember 27, 2020A video of two Okada riders and two men fighting in the middle of a highway in Accra has gone viral on the internet. – Advertisement – ...[Read more]
- Uche Maduagwu Settles Davido and Burna Boy Supremacy Contest; Burna Boy Reigns (Photos)In Celebrity NewsNovember 27, 2020Nollywood actor, Uche Maduagwu, has unilaterally settled the supremacy contest organized by Nigerians between their two A-list artistes, Davido and ...[Read more]
- Martin Amidu Angrily Fires Back And Exposes President Akufo-Addo And The NPP GovernmentIn GhanaNovember 27, 2020The former Special Prosecutor, Martin Amidu, has angrily fired back and exposed President Akufo-Addo and his NPP government in reaction to their ...[Read more]
- Martin Amidu Says President Akufo-Addo Is The “Mother Serpent Of Corruption”In GhanaNovember 27, 2020Former Special Prosecutor, Martin Amidu has dropped a 27-page response to President Akufo-Addo‘s reaction to his corruption allegations in his ...[Read more]
- Black Friday 2020 is a bust in NYC thanks to COVID-19In USANovember 27, 2020Black Friday was a real bust across the five boroughs — with COVID-19 appearing to ward off the usual crowd of customers from brick-and-mortar shops ...[Read more]
- Black Friday is a bust in NYC thanks to COVID-19In USANovember 27, 2020Black Friday was a real bust across the five boroughs — with COVID-19 appearing to ward off the usual crowd of customers from brick-and-mortar shops ...[Read more]
- Majid Michel Explains Why Relationships And Marriages Do Not Last In Recent TimesIn GhanaNovember 27, 2020Actor Majid Michel who claimed that the Ghanaian media made him a pastor is out with why relationships and marriages do not last these days. – ...[Read more]