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Chinese CNPC has completed the largest deal in the history of buying crude oil on the stock exchange in Singapore

The division of the Chinese corporation CNPC completed the largest deal in the history of buying crude oil on the stock exchange in Singapore, according to Vesti. This allowed 40 oil tankers to be loaded right away in October.

Probably, the oil purchased is sent to the reserve, since usually the volume of purchases is much smaller. During the summer, China bought an average of about three tankers.

China is not a member of the International Energy Agency (IEA), whose members create oil reserves to meet their needs for 90 days, and it creates its own strategic reserves. This was first mentioned in the plans of the Tenth Five-Year Plan (2000-2005). It is estimated that enough oil will be accumulated by 2020 to cope with the cessation of supply for 100 days.

By the beginning of 2014, China’s reserves amounted to 160 million barrels, and most storage sites are located near factories on the east coast.

Earlier this year, China was actively saving up oil, filling up reserves of roughly 600 thousand barrels per day. In April, 16 tankers were purchased, which led to a surge in oil markets.

New data that Beijing bought 40 oil tankers in Singapore, which is about 21 million barrels, should have a positive impact on prices.

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