Despite still sluggish oil demand, China is expected to continue to build its strategic and commercial crude oil reserves with ultra-cheap oil, but this time around the rate of filling storage would be lower than in previous years, lending less support to oil prices in the current double demand-supply shock, Wood Mackenzie said on Monday. China will continue to import crude oil for its commercial and strategic reserves, at a pace of up to 300,000 bpd between March and December this year, Wood Mackenzie senior consultant Lei Sun said in a statement. This rate of filling reserves, however, is less than half of the fill rate of the previous two years, therefore, Chinese stockpiling on the cheapest oil in years may not be as supportive to oil prices as it was in the past, Sun said. The key reason—limits to storage capacity, which is expected to reach a utilization […]