Global Markets: Chinese oil inventories weigh on OPEC

LNG China -guandong-dapeng-lng
Image courtesy of Guandong Dapeng LNG

OPEC has aimed to drain OECD inventories below the five-year average, an objective that looks to have been completed recently. However, now they have their sights on China’s oil inventories, which have been on the rise.

The problem is that precise data on Chinese inventories is hard to come by, but Ursa Space Systems, an oil data company, estimates that inventories have climbed by 130 million barrels over the past year in China.

OPEC is concerned about boosting oil production while China is sitting on a mountain of supply.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.