Reported 2 days ago
China is set to build 11 new oil storage sites over the next two years, with a total capacity of 169 million barrels, equivalent to two weeks of crude oil imports. This initiative comes as China increases its crude oil purchases amid low prices, primarily from sanctioned sources like Russia and Iran. Analysts warn that despite China's stronger inventory buying, the oil market may face oversupply by 2026, potentially leading to lower prices.
Source: YAHOO