NEW YORK, June 20. /TASS/. Crude oil stockpiles in China have reached record levels amid the escalation of the conflict in the Middle East. Local refineries are reportedly unfazed by potential supply disruptions from the region and are in no rush to seek alternatives, Bloomberg reported.
The agency cited data from the French environmental organization Kayrros, which specializes in monitoring oil reserves. According to its estimates, China’s stored oil volumes have reached a historic high of 1.18 bln barrels. Data from the consulting firm Mysteel OilChem indicates that the utilization rate at China’s private refineries has fallen to 45%, approaching a three-month low. Sun Jianan, an analyst at UK-based Energy Aspects, told Bloomberg that thanks to these substantial reserves, Chinese refineries will not be in a hurry to look for alternative sources to replace Iranian oil, even if deliveries are interrupted.
On the night of June 13, Israel launched a military operation against Iran. Less than 24 hours later, the Islamic Republic carried out a retaliatory strike. In the days that followed, both countries exchanged further attacks. Each side reported casualties and injuries as a result of these strikes and confirmed hits on several targets. The mutual attacks continue.