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China buys crude as prices collapse, adding to stockpiles

China city Beijing economy Government Coronavirus
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BEIJING – China, the world’s biggest energy consumer, is taking advantage of a plunge in global oil prices due to the coronavirus outbreak to build up its stockpiles of crude.

Imports rose 4.5% in March over a year earlier even as the world’s second-largest economy shut down to fight the virus and demand collapsed.

For the first quarter of the year imports were up 5%. The price collapse is battering state-owned oil producers but is a boon to Chinese drivers, chemical producers and factories.

It gives Beijing a chance to add to a strategic petroleum reserve that is meant to insulate the country against possible supply disruptions. “In the midst of all this, China oil imports have been resilient, as low prices have enabled stockpiling,”

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
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Recovered: 0
Brazil
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Deaths: 608 235
Recovered: 0
United Kingdom
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Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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