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
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?
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.