China: o maior importador do mundo aproveita queda do petróleo para comprar barris mais baratos e garantir seus estoques

China: The World’s Largest Importer Takes Advantage of Falling Oil Prices to Buy Cheaper Barrels and Secure Its Supplies

Written by Flavia Marinho

Published on 02/04/2020 at 16:32

China se aproveita da queda abrupta do petróleo em 60 por cento e inicia compras de barris para garantir reservas emergenciais em meio a crise

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Amid the collapse of oil prices, China is taking advantage of the 60 percent drop this year to buy cheaper barrels and secure its emergency reserves. Amid all this turmoil in the oil market following a statement from U.S. President Donald Trump, Petrobras’ shares surged more than 10%.

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In addition to state reserves, China can also utilize commercial oil stocks for storage and encourage companies to refuel their own tanks.

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The Chinese government initially aims to maintain state stocks equivalent to 90 days of net imports, which could be extended to 180 days by including commercial oil reserves.

For better understanding, according to Bloomberg, ninety days of net oil imports is equivalent to about 900 million barrels.

So far, the state reserves of the Chinese government are unknown, as Beijing uses a different method to calculate net oil imports, but according to industry analysts, the volume calculated over the year could equate to the purchase of 80 million to 100 million barrels.

Oil specialists argue that the purchase volume is too low to compensate for the demand destruction caused by lockdowns to contain the coronavirus.

Coincidence or not, in March of this year, U.S. President Donald Trump proposed buying almost the same volume for U.S. reserves, a measure to assist struggling producers, but the plan did not go well.

Amid the economic recovery due to the pandemic, the Chinese government is also planning to announce the fourth batch of strategic reserves. The expansion project has the twin advantage of creating larger emergency reserves and stimulating opportunities in the construction sector.

China: The World’s Largest Importer Takes Advantage of Falling Oil Prices to Buy Cheaper Barrels and Secure Its Supplies

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