CHINA-ECONOMY: CHINA FILLS ALL ITS OIL STORAGE CAPACITY
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With oil prices dropping to an 18-year low, demand in China’s oil storage sector has soared as companies hoard the fossil fuel. Data from energy information provider OilChem China showed that since March 7, the day after talks between oil-producers cartel OPEC and Russia collapsed and prices began to plummet, Chinese ports have added around 1.5 million tons of commercial crude oil to their stockpiles. A manager at a Chinese oil storage company said “All of China’s coastal storage tanks and those near rivers are all booked, wherever they are in the country”. The total quantum of oil in OilChem China's storage is now 29.45 million tonnes.
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