adminChina is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.
The world’s biggest importer is taking advantage of a 60 percent plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government’s reluctance to release information about their formation, size or use.
Beijing has asked government agencies to quickly coordinate filling tanks and using financial tools like options to lock in current low prices, the people said, asking not to be identified because the matter is confidential.— Bloomberg News.
Online Reporter