China Is About to Run Out of Places to Store Crude Oil | Hellenic Shipping News Worldwide

China is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand. As of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, up by 24% from the previous year, according to data from energy information provider Oilchem China. That’s only 1 percentage point away from the 70% threshold that experts view as the country’s capacity limit.

China Is About to Run Out of Places to Store Crude Oil | Hellenic Shipping News Worldwide