40China announced the global oil market, the biggest secret is hidden in the secret|China announced the global oil market, the biggest secret is hidden in the secret9

China has announced the secret of the world’s largest crude oil market, but also hidden secret China has been puzzled by energy analysts and investors. Because in the past two years, China is the buyer of crude oil, but no one knows exactly how much crude oil stored in china. China’s strategic oil reserve figures in the industry as one of the world’s largest oil market is one of the secrets, which is also a key factor in the future trend of oil prices. Brent crude oil futures chart at least, it was true before last week. China announced last week, as of the first half of this year, the strategic reserves of crude oil: according to the Bureau of Statistics website announcement, to the beginning of 2016 China’s reserves of 31 million 970 thousand tons of crude oil. China built in Zhoushan, Dalian, Huangdao, Zhenhai, Dushanzi, Lanzhou, Tianjin and Huangdao national oil reserve depot for a total of 8 national oil reserve base. The reserve and social enterprise capacity of 31 million 970 thousand tons of crude oil reserves. 31 million 970 thousand tons equivalent to 33-36 days of imports. That’s more than analysts expected, but that doesn’t mean it’s going to be a lot more than that. Analysts do not know all of China’s crude oil reserves, because this data does not include the commercial oil storage facilities. From the perspective of analysts, the understanding of China’s crude oil reserves is critical to predict the future trend of the global market. Outsiders know that China’s crude oil imports reached a record high this year. Thanks to the slump in oil prices in the past two years, China’s private refineries and overseas customers demand. It is also known that China’s domestic crude oil production is declining and the oil refining industry has to face the impact of aging oil fields and low profits. The decline in domestic crude oil production has increased China’s dependence on imported oil, which is consistent with the government’s goal of expanding its strategic oil reserves. Buying crude at a low price of oil helps to cushion the rise in oil prices. To be sure, China’s crude oil reserves do not know the difficulties for analysts. That’s why some analysts want more information from the Bureau of statistics. JP Morgan analysts use a simple calculation method to calculate China’s crude oil reserves. They simply reduce the consumption, production and import of China’s crude oil, and finally figure out what they think of China’s crude oil reserves. JP Morgan’s figure of 40 million barrels, with the official figure of a difference of 1 million 200 thousand barrels. This is lower than analysts expected 51 million 100 thousand barrels of crude oil reserves, but Chinese may achieve this goal at the end of August. JP Morgan analysts also pointed out that China’s crude oil imports may decline this month. In August this year, JP Morgan Chase has said that despite China’s domestic crude oil production decreased by 7%, oil refining production increased by 2%, the growth of China’s strategic crude oil reserves can still be maintained at the level of 1 million barrels per day. It is pointed out that the presence of the above means that China’s crude oil imports in September will be reduced by 15% year on year, the country’s crude oil inventory loss of up to 1 million 200 thousand barrels per day. It is worth mentioning that this year, China’s net crude oil imports grew by 16%, while the size of the market consumption growth is not obvious. In early 2016, China’s crude oil imports