{"id":25295,"date":"2021-03-19T11:21:27","date_gmt":"2021-03-19T10:21:27","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=25295"},"modified":"2021-03-19T11:22:01","modified_gmt":"2021-03-19T10:22:01","slug":"worlds-largest-oil-importer-running-out-of-storage-capacity","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/19\/worlds-largest-oil-importer-running-out-of-storage-capacity\/","title":{"rendered":"World\u2019s largest oil importer running out of storage capacity"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25295\" class=\"elementor elementor-25295\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">World\u2019s largest oil importer running out of storage capacity<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>19\/03\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>(Bloomberg) &#8211;China\u2019s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said.<\/p><p>The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to the coronavirus pandemic. The figure represents government and commercial inventories, said the people who asked not to be identified because the information isn\u2019t public. The reserves fluctuate but have consistently been at or above 100 days worth of imports and rose as high as 120 days recently, one of the people said.<\/p><p>Beijing set a goal of increasing government stockpiles to hold at least 90 days of net imports, Bloomberg reported in April last year. That target didn\u2019t include commercial inventories. China\u2019s National Energy Administration didn\u2019t respond to a fax seeking comment.<\/p><p><span class=\"text-medium-blue\"><strong>As the world\u2019s largest oil importer, a sufficient level of reserves is critical for economic resilience to supply shocks such as a war in the Middle East. The International Energy Agency, which China isn\u2019t part of, recommends that countries have enough crude to cover at least 90 days of net imports.<\/strong><\/span><\/p><p>\u201cIn terms of crude stockpiling, we believe China\u2019s goal will not stop at 100 or 120 days of reserves,\u201d said Mia Geng, an analyst at industry consultancy FGE. \u201cNational security is among the priorities for the coming years and this will sustain continuous stockbuilds.\u201d<\/p><p>Unlike the U.S., where data about the nation\u2019s strategic petroleum reserves are updated publicly and regularly, the size of China\u2019s crude stockpiles are shrouded in mystery. There\u2019s also less of a distinction between government reserves and commercial stockpiles, with many of the country\u2019s biggest energy companies being state-owned.<\/p><p>China was moving forward with plans to buy up oil for its emergency reserves in April of last year, people familiar the plans said at the time. The initial target was to hold government stockpiles equivalent to 90 days of net imports, which could eventually be expanded to as much as 180 days when including commercial reserves, they said.<\/p><p><span class=\"text-medium-blue\"><strong>Last year\u2019s crash in oil prices and China\u2019s rapid rebound from the first wave of the Covid-19 pandemic set the stage for a flurry of crude purchases. However, stockpiling has leveled off as oil prices rebounded and storage space runs out, Capital Economics Ltd. said in a note this month. Fuel demand has also fallen this year amid a resurgence of the coronavirus in some parts of China.<\/strong><\/span><\/p><p>This year\u2019s crude purchases will be driven by refinery operations and new plant start-ups rather than filling the nation\u2019s reserves that the market witnessed in 2020, according to Michal Meidan, director of China Energy Research Programme at the Oxford Institute for Energy Studies.<\/p><p>Emergency reserves, including commercial storage, exceeded 100 days worth of net imports in the third quarter of last year, according to Yuntao Liu, a London-based analyst with Energy Aspects Ltd. \u201cGoing forward, as crude prices rise and plants launch seasonal maintenance from April, the need for re-stockpiling is not that urgent.\u201d<\/p><p>China\u2019s crude imports averaged 10.9 million barrels a day last year, according to import data compiled by Bloomberg, suggesting current stockpile levels of around 1.09 billion barrel. That aligns with an estimate from market intelligence firm Kayrros that the nation\u2019s oil inventories rose to 1.01 billion barrels in the week through Feb. 14. Stockpiles reached a record of around 1.04 billion barrels in September last year, according to Kayrros.<\/p><p>Source: <a href=\"https:\/\/www.worldoil.com\/\">Worldoils<\/a><\/p><div class=\"paywall is-loaded\">\u00a0<\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63502443 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"63502443\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div 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data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-animation-push elementor-repeater-item-6550970\" href=\"https:\/\/twitter.com\/StocExpo\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-animation-push elementor-repeater-item-2ea5aad\" href=\"https:\/\/www.facebook.com\/StocExpo\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8211;China\u2019s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said. The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":25296,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"World\u2019s largest oil importer running out of storage capacity | StocExpo ","_seopress_titles_desc":"World\u2019s largest oil importer running out of storage capacity. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-25295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/25295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=25295"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/25295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/25296"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=25295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=25295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=25295"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=25295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}