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RubyMartin

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RubyMartin

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Thursday, 06/12/2014 3:51:28 AM

Thursday, June 12, 2014 3:51:28 AM

Post# of 18778
O.T. China is hoarding crude at the fastest pace in at least a decade, shielding itself from supply disruptions and helping keep prices above $100 a barrel.

The country imported a record volume in April as it emulates steps taken by the U.S. in the 1970s to create a strategic petroleum reserve, government data show. Chinese President Xi Jinping is building stockpiles as his nation clashes with Vietnam over resources in the South China Sea and faces potential risks to oil sales from Russia, Africa and the Middle East because of sanctions and violence.

http://www.bloomberg.com/news/2014-06-11/china-s-record-oil-hoarding-seen-keeping-crude-above-100.html?
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