The state of China’s oil storage tanks is shaping up as a key determinant of the likely path of imports by Asia’s largest fuel consumer. It’s widely accepted in the oil market that China is importing more crude than it actually uses, or re-exports as refined products, and that the extra is flowing into both strategic and commercial storage sites. What is less known is how much capacity is left in these tanks, when they are likely to be full and the rate at which new facilities are being built. A trading executive at top Chinese refiner Sinopec weighed into the issue on March 25, saying China’s commercial and strategic storage is almost full. Perhaps showing how sensitive the issue is, the executive requested not to be named despite speaking to reporters at an industry event. If the Sinopec official is correct, it almost certainly […]