- US: 460 million bbls
- China: 850 million bbls -- could hit 1 billion bbls by end of the year; data points:
- built up its stockpiles at a record pace i 2017
- has spent around $24 billion on building its crude reserves since 2015
- average cost: $50/bbl
- $24 billion pales in comparison to its $680 billion current account surplus
- "excess" crude now equal to that of Japan and South Korea combined
Thursday, October 12, 2017
China Nearing One BIllion Bbls In "Excess" Crude Oil Reserves -- October 12, 2017
Crude oil inventories:
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