China ramps up crude oil stockpiles, as prices collapse

According to the Associated Press, China, the world’s top oil consumer, is ramping up its crude oil stockpiles, taking advantage of the recent collapse in global oil prices.

The ruling Communist Party’s Political and Legal Commission said on its social media account, low oil prices “have a positive impact on China.”

China is reportedly boosting its strategic petroleum reserves (SPR), as well.

The Commission said that the plunge in prices gives Beijing a unique chance to build up that reserve but gave no indication the government was doing that.

“This is a once-a-century opportunity!” it said.

Meanwhile, the China Customs reported that oil Imports rose 4.5% in March over a year earlier even as the economy shut down to fight the virus and demand collapsed. For the first quarter of the year imports were up 5%.

• WTI gains 3.7% in Asia, but oversupply conditions persist