I've posted before on China's stockpile of crude for its government-controlled strategic petroleum reserve (SPR).
- China. Its like Airbnb, but for oil.
CNBC had this overnight, highlighting it again ahead of the OPEC meeting:
- China's stock of oil reserves could prove to be the "wild card" for global oil prices and market dynamics
- Much of China's cheap oil imports have been diverted into its strategic oil reserves which are believed to be close to capacity
- oil experts believe that China could take advantage of any rise in prices to start using its oil stockpiles as exports, potentially disrupting any major attempts to balance markets
