Middle East Economic Survey


No 40


China Crude Oil Stocks At Record High 284.7Mn Barrels

A newsletter published by ChinasXinhua news agency, China OGP, has reported that Chinas crude oil stocks reached a new record high in August, growing to 39mn tons or 284.7mn barrels. The newsletter said that August stocks showed an increase of 2.2mn barrels over July. The data implies that consumption is not as strong in China as recent reports have suggested, with imports outpacing growth...