CHINA HAS BEEN STOCKPILING OIL FOR MONTHS
China has been building large oil reserves for months, insulating itself from possible U.S. sanctions on Russian crude.Russia supplied about 17% of China’s oil imports this year, much of which has been stockpiled. JPMorgan estimates China has added 160 million barrels in 2024—the biggest increase since 2020—bringing total reserves to about 1.25 billion barrels, likely reaching 1.5 billion next year.For comparison, U.S. crude reserves total 831 million barrels. Beijing reiterated its opposition to unilateral sanctions without UN approval.The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
Post your comment
No Comments