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China may be stockpiling more oil than anyone realized

from The Washington Post

One of the mysteries of the oil market is the question of how much crude oil China has squirreled away in commercial and strategic stockpiles. Now a satellite-imaging firm called Orbital Insight claims to have an answer. It says Chinese inventories in May stood at 600 million barrels, substantially more than commonly thought and nearly as much as the U.S. Strategic Petroleum Reserve. Chinese storage capacity, which includes working inventory, is four times widely used estimates, Orbital Insight says, adding that the firm has not only counted storage tanks but has also used imaging techniques to figure out how much oil is in the tanks. more


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