BRICS: China Stockpiling 1.39 Million Barrels of Oil Every Day
BRICS member China is taking undue advantage of lower crude oil prices by stockpiling 1.39 million barrels every day. China hoarded cheap crude oil from Russia as the country was sanctioned and forced to sell it at discounted prices. The sanctions against Russia are a blessing in disguise for China as it has been accumulating crude oil since October 2023. China is benefiting from its BRICS counterpart Russia as both countries are initiating Oil deals in local currencies. Also Read: BRICS: HSBC Predicts the Future of the U.S. Dollar 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. Als...