New satellite images by Orbital Insight reveals that China may have stored more oil than its official estimates. China’s record purchases this year have helped oil prices to recover from the worst crash in a generation. Oil kept in storage was around 600 million barrels as of May this year, according to Orbital Insight. However, there were about 2,100 strategic and commercial petroleum reserve tanks capable of storing 900 million barrels as of the end of 2014, according to the images, and these do not include underground caverns. These estimates are helping to shed a light on oil reserves that have puzzled commodities traders globally. The new data also shows that China’s total crude oil production capacity is likely much higher than previously thought.
New satellite images by Orbital Insight reveals that China may have stored more oil than its official estimates. Oil kept in storage was around 600 million barrels as of May this year, according to Orbital Insight. However, there were about 2,100 strategic and commercial petroleum reserve tanks capable of storing 900 million barrels as of the end of 2014, according to the images, and these do not include underground caverns. These estimates are helping to shed a light on oil reserves that have puzzled commodities traders globally. The new data also shows that China’s total crude oil production capacity is likely much higher than previously thought.