China's Oil Stockpile Surge: A Game Changer for Global Markets

Chinas oil imports surge, challenging global demand forecasts. Despite expectations of weakening demand, Chinas oil purchases are on the rise, driven by strategic storage facility expansion. This trend, coupled with a slowdown in electric vehicle sales, complicates predictions for Asian oil demand, with Asia being one of the few continents expected to see oil demand growth. Chinas current storage capacity of over one point five billion barrels, with plans to expand, suggests a significant impact on global oil markets for years to come.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.