Satellite imaging firm Orbital Insight claims China's inventory of oil is around 600 million barrels
- Says that was the amount in reserve in China in May
- That's around four times greater than widely used estimates
- Orbital Insight says it has been able to count storage tanks, and has also used imaging techniques to figure out how much oil is in the tanks
- The firm cannot discern whether there are underground storage facilities
huh ...
The report in the Australian press, here: China may be stockpiling more oil than anyone realised
Do any ForexLive traders have any further insight on this? Sounds a bit over the top to me?
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As background there is little dispute that the Chinese government has been stockpiling crude for emergencies. They'd be mad not to. They've made record purchases this year with prices low.
