China oil storage solutions

What kind of oil and gas storage does China have?

Oil & Gas Storage -CHINA PETROLEUM PIPELINE ENGINEERING CO.,LTD. CPP provides global clients with oil & gas onshore storage construction services in the filed of crude oil, product oil, LPG, and underground oil and gas storage cavern, with the capability to construct 10 million m³ storage per year.

Who drives China's oil storage?

China’s oil storage has traditionally been driven by state-owned companies and the country’s Strategic Petroleum Reserve (SPR), but private firms have taken an increasing role over the past four years after small, independent refiners were allowed to import oil.

Why did China add 700000 BPD to storages?

Over the first four months of the year, China, the world's biggest crude importer, added 700,000 bpd to storages, a significant volume that goes some way to undermining the market view that oil consumption is robust amid a recovering economy.

Is China's oil import growth slowing in 2024?

The excess of crude available over refinery processing in the first four months of 2024 was 830,000 bpd, compared to 480,000 bpd for the same period last year. The overall picture that emerges is that China's oil import growth is modest so far in 2024, and more of those imports are heading into storage than they did in 2023.

How will Price pressures affect China's oil market?

This suggests that price pressures may cap the demand for crude by Chinese refiners, and any gains in volumes are likely to be concentrated in discounted oil from Russia and Iran, whose exports are subject to Western sanctions, which effectively limits the number of available buyers.