State Media Celebrates Oil Price Collapse as Historic ‘Opportunity’ for China

[Tom Kirkman + 8,860]

Great News Comrades!  CCP is buying oil at fire sale prices!  Small, independent oil companies and service companies in the Western world will go bankrupt, but they will serve a strategic and glorious martyrdom in aiding the noble cause of Communism!  Mandatory celebrations tomorrow!

State Media Celebrates Oil Price Collapse as Historic ‘Opportunity’ for China

The global oil price collapse is a historic “opportunity” to “bottom out” Chinese energy assets and increase reserves, the communist country’s state media reported on Tuesday.

The Global Times article was published after news on Monday that China – the world’s top importer of crude oil – nearly doubled crude oil storage inflows in the first quarter of this year, compared to 2019. The coronavirus pandemic decreased oil demand, and there was news on Tuesday that China has granted additional oil import quotas for private refineries, Reuters reported.

United States oil-future prices went negative on Monday for the first time in history, as oil demand plummeted amid disruption in global supply and demand chains caused by the Chinese coronavirus pandemic. Government-mandated lockdowns meant to curb the spread of the Chinese coronavirus have forced the effective shutdown of economies around the world.

“Analysts say the historic drop in oil prices offers China, a major source of oil imports, a good opportunity to ‘bottom out’ certain oil assets and scale up strategic reserves,” Global Times, a Chinese Communist Party (CCP) propaganda newspaper, said on Tuesday.

Instead of reducing imports, China responded to the drop in oil demand by increasing crude storage flows. The country nearly doubled the rate at which it put oil into storage in the first quarter of 2020, compared to last year, Reuters calculated.  ...

 

... Thus, China practically doubled the rate at which it puts oil into storage in the first quarter of 2020.

 

[wrs + 893]

This is what I thought and the lying press whores said demand was dead in China to collapse the price sooner than it needed to.  We aren't full yet and the price has gone negative.  The Chinese kept importing the same amount even though they were claiming to turn back ships.  That news caused prices to drop more than they should.  These fuckers need a payback for that and their goddam ch*nk virus.

Edited April 22, 2020 by Tom Kirkman
Moderator edit - putting the "*" back in ch*nk since 2008 due to bats