Insight
Oil prices plunge: will China start filling its crude reserves?
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Report summary
Oil prices are plunging in March 2020 due to both demand disruption from COVID-19 and OPEC+ disintegration. As we have seen in previous oil price crashes, large crude oil importing countries start to build their strategic petroleum reserves (SPR), and such additional buying of crude could help support prices on top of the sluggish recovery in global demand. A key question to ask now is how much will China buy to build its reserves during 2020.
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