China has ramped up purchases into its oil reserves this year even as oil prices soared, despite calls from Washington for a global coordinated stocks release to help cool the market, industry data showed and traders said.
China's National Food and Strategic Reserves Administration did not respond to a request for comment., known as Sinopec, said the company’s January crude oil imports were steady from a year-earlier and the company is still compiling February data. He did not elaborate further.
Another source with a major trading company said he and his rivals brought several cargoes of crude into China from the United States during February. Two other China-based trading executives said an unusual buying spree by Unipec, the trading arm of Sinopec, over the past few weeks was partly to boost stocks.
Kayrros puts total crude oil inventories in China, derived from satellite monitoring of tanks, at 950 million barrels.
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