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FROM THE ROOFTOPS

China has stockpiled 76 million barrels of oil since coronavirus lockdowns

Oil tanks are seen at an oil warehouse at Yangshan port in Shanghai, China
REUTERS/Aly Song
A containment strategy
  • Daniel Wolfe
By Daniel Wolfe

Things reporter

Satellite analysis of Chinaโ€™s crude oil containers reveal China is on a buying spree. Data from Orbital Insight, show 937 million barrels of oil in observable storage. Itโ€™s the highest level the company has measured since it began tracking in January 2017.

In floating rooftop tanks alone, data show that China added at least 76 million barrels of oil since lockdowns began in Wuhan on Jan. 23. China still has 1.5 billion barrels of storage to spare.

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