Oil: China can “bury” all the efforts of OPEC

Recently, the main threat to oil prices was the US shale industry, but perhaps the market underestimates the importance of another factor: China. In the past decade, this country has been busy creating a strategic reserve, the size of which, incidentally, is unknown, and analysts are puzzled over this issue, considering satellite imagery and analyzing the movement of tankers.
Last year, an American company, Orbital Insight, suggested that by May May the Celestial Empire could accumulate 600 million barrels of oil, and if these figures were close to reality, by now the size of the Chinese strategic reserve probably exceeded the American (679 million barrels). This year, the volume of Chinese imports of black gold hits all records, consistently exceeding 8 million bbl / d, and, according to some experts, the lion’s share of this oil goes to replenish the reserve.
The sharp increase in the volume of Chinese imports and the conclusion of the OPEC + agreement helped stabilize the price of black gold, but what happens when China completes all the tanks? According to Michael Tran (chief energy strategist at RBC CM), if the growth rate of oil imports into the Middle Kingdom is reduced from the current 1 million b / d y / y, then it will strike a significant price blow. Moreover, the probability of such a development is quite high, since in July the volume of imports has already fallen to a minimum value since the beginning of the year at 8.16 million b / d.

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