Stronger

Future

Yuan

Million

<div class="watcher-guru">
 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China is taking undue advantage of lower <a rel="noopener noreferrer nofollow" title="crude oil" href="https://thebittimes.com/tag/crude-oil.html">crude oil</a> prices by stockpiling 1.39 million barrels every day. China hoarded cheap <a rel="noopener noreferrer nofollow" title="crude oil" href="https://thebittimes.com/tag/crude-oil.html">crude oil</a> from <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> as the country was sanctioned and forced to sell it at discounted prices. The sanctions against <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> are a blessing in disguise for China as it has been accumulating <a rel="noopener noreferrer nofollow" title="crude oil" href="https://thebittimes.com/tag/crude-oil.html">crude oil</a> since October 2023. China is benefiting from its <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> counterpart <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> as both countries are initiating <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> deals in local currencies.</p>
 <p><strong>Also Read: BRICS: HSBC Predicts the Future of the U.S. Dollar</strong></p>
 <p>The move has made the Chinese Yuan become the most traded currency in Russia for trade. In December last year, China aggressively boosted its oil purchases and now has a stockpile worth of six months. The Communist nation does not publicly report its strategic inventories leading to analysts believing that it is hoarding crude oil. Not just Russia, China is also buying cheaper crude oil from other developing countries around the world.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p><strong>Also Read: Saudi Arabia To Decline BRICS Membership?</strong></p>
 <h2 class="wp-block-heading" id="h-brics-china-buying-1-39-million-barrels-of-oil-per-day">BRICS: China Buying 1.39 Million Barrels of Oil Per Day</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp" alt="China oil gas commodity brics expansion gdp" class="wp-image-110047" srcset="https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 380w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 550w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 800w, https://cdn.thebittimes.com/images/2024/01/23/1e5b6e49a9db9e84b8bea1411b456625.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: offshore-technology.com
  </figcaption>
 </figure>
 <p>Reports state that BRICS member China accumulated 1.39 million barrels of crude oil every day in December 2023. That’s a sharp rise from the previous month as it purchased 20,000 barrels per day in November. The Chinese refiners continued to buy crude oil aggressively when the prices dipped last year. When the price of crude oil hit a high of $95 per barrel in September, China stayed away from accumulating it.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p><strong>Also Read: BRICS: U.S. Dollar Ranks Last in the Top 10 Currency List</strong></p>
 <p>On an estimate, BRICS nation China has accumulated 760,000 barrels of crude oil every day in 2023. <strong>“They snap oil from all over the world, except for the U.S. due to high freight rates,”</strong> said an oil trader to Reuters.</p>
 <p>When the <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> prices rise leading to robust demand, China could launder them to other countries reaping billions in profits. Stronger <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> demand could come mid-2024 making China stand a chance to profit massively, said an <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> trader. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members could also force countries to settle <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> payments in the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> and not the U.S. dollar.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>china</li>
  <li>Chinese Yuan</li>
  <li>crude oil</li>
  <li>Oil</li>
  <li>Russia</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-china-stockpiling-1-39-million-barrels-of-oil-every-day-tbt77385.html">https://thebittimes.com/brics-china-stockpiling-1-39-million-barrels-of-oil-every-day-tbt77385.html</a></p>

BRICS: China Stockpiling 1.39 Million Barrels of Oil Every Day

Table of Contents

TheBitTimes

Other articles published on Jan 23, 2024

General Electric (GE) Outperforms in Q4 with $1.03 EPS and $19.4B Revenue

Artificial Intelligence (AI) Revolutionizing End-Point Assessment Sector in 2024

Mt. Gox’s Bitcoin Repayment Plan: Market Impact and Creditor Updates

NEOPIN to launch bridge platform for Finschia, Ethereum and Klaytn networks

UMA Cryptocurrency Thrives Despite Bitcoin’s Decline

Mt. Gox’s fresh Bitcoin repayment plans raise fears of market impact

Join our free newsletter for daily crypto updates!