To the Brim? Status of Asia’s SPR and floating crude oil storage

As the market has grappled with oversupply this year, one uncertainty has been the degree to which major crude oil importers in Asia are building their crude oil storage capacity and filling inventories. With the oil price collapse, China, India, Japan and South Korea each ramped up purchases for their Strategic Petroleum Reserves (SPRs). That meant a boost in crude oil imports which was a source of indirect support for prices as oil demand collapsed in the second quarter. We take a deeper look at: The progress each China, India, Japan and South Korea made in filling their SPRs Is stock buildup, strategic or forced? China’s reinvigorated push for more onshore crude oil capacity What are China’s current and future plans for increasing storage capacity Absorbing Asia’s floating crude oil, pace and causes