China’s Oil Reserves Could Undermine OPEC+ Efforts To Tighten The Market

Estimated high stock levels in China allow its refiners to draw crude from inventories and slow purchases when oil prices rise, thus undermining the ongoing efforts of the OPEC+ group and its leader Saudi Arabia to tighten the market and prop up prices, analysts told Reuters. Last month, China likely drew crude from inventories amassed over the past two years as its crude oil imports slumped compared to near record highs in June and refinery throughput exceeded available crude from imports and domestic production, estimates by Reuters columnist…