The slide in crude prices to a five-year low this week following Opec’s decision to keep oil output unchanged should have been welcomed in energy-hungry China.
On the surface, falling crude prices benefit the world’s largest oil importer.
Imports of crude into China are rising faster than refinery output, implying elevated commercial and strategic stocks. Beijing last week offered the first formal estimate for the level of crude stored as part of phase one of its strategic stockpiling exercise – 91m barrels in four locations – and a second phase is well under way.
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