The trading arm of China National Petroleum Corporation has been on a huge buying spree in the past month, snapping up millions of barrels of Middle East crude as global oil prices slumped to the lowest level in almost four years.
Price-reporting data show that Chinaoil has bought more than 20m barrels of Dubai, Oman and Upper Zakum grades in October, many of them from Unipec, a subsidiary of Chinese state oil company Sinopec.
The purchases have fuelled speculation that China, the world’s largest energy consumer, is taking advantage of the steep drop in crude prices to fill strategic reserves.
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