“Trading companies purchased up to 1 million barrels through the Shanghai futures exchange,” Bloomberg quoted Free News as saying.
It is noted that we are talking about the sale of reserve oil.
Oil was supplied to customers who, in the absence of supplies from China, would have purchased raw materials in the Middle East or Africa.
China, in the first half of 2020, increased oil imports by 9.9% to 269 million tons, the state statistical office of China reported.
In March, China reported record purchases of oil from Russia. It was noted that China bought 1.6 million tons of Urals oil.