China adds oil storage capacity, issues import quota two months earlier than usual, as oil prices collapse

china crude oil

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China, the world's largest oil importer, is adding oil storage capacity and issuing more crude oil imports quota to refineries as oil prices collapse.

The Shanghai International Energy Exchange has approved Petro China Fuel Oil Co. Ltd, a subsidiary of China National Petroleum Corp. Ltd to add storage for crude oil futures by 20 per cent to 500,000 cubic meters, it said Tuesday.

That marks the seventh such expansion the exchange has approved this month, with a total 4.15 million cubic meters of crude storage space added nationwide, including 2 million cubic . . .

 

 

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