MacroVoices #349 Rory Johnston: Crude Oil Outlook & SPR Discourse
Macro Voices
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How Much SPR Capacity Does China Have Left?
If I were China, if I were Xi Jinping, it would be very clear to me that the full reopening of my own economy is likely going to bring on a global energy crisis. We've already seen Goldman Sachs just this week published a research note saying essentially it appears that China has already begun to replenish its SPR by buying oil in advance of their reopening. How much capacity does China have left? And it's not a published number, so we've got to go buy guesstimates. But how much capacity could there be?
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