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Oil price boosted by China’s stockbuilding: IEA

Posted on 16 May 2014

The price of oil was up slightly in April, as China ramped up imports and tensions over Ukraine continued, according to the International Energy Agency (IEA). There was a sharp rise in Chinese crude oil imports, which implies that the world’s second-biggest economy is starting to build up its energy stock – which can be a good forward indicator of economic growth. As its economic growth is currently slowing, China is also likely to be eying the security of its supply.
It has ramped up its imports from countries including Russia, Oman, Angola, Iraq – and even Iran, which sent over 600,000 barrels a day to China in April, the highest since June 2012………………………………………..Full Article: Source


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