Leading climate intelligence firm Kayrros, named by TIME magazine as one of the 100 most influential companies in the world, has announced an update to its Crude Oil Intelligence offering.
The offering provides traders with accurate satellite data on crude oil inventories in near real time, enabling them to make smarter trading decisions. The upgrade includes additional incremental storage capacity of 23 million bbls across four new terminals.
Kayrros data shows that China is constantly expanding its crude oil storage and capacity. It has become the largest crude oil capacity builder in the world. In 2021, China will increase its storage capacity by 5.6%; in 2022 by 9.5%. By 2023, it has increased storage capacity by 1.4%.
Kayrros’ new crude oil intelligence locations are essential points for China watchers. The first, Qingdao Shihua Dongjiakou Port Terminal, is a major hub for importing large quantities of crude oil.
Another, Nanshan Group’s Yulong refinery, is still under construction but will be a key hub for China’s crude oil refining. The data shows that Nanshan Group’s Yulong refinery has a storage capacity of 12.7 million bbl so far. At the Qingdao Shihua Dongjiakou port terminal, storage capacity was increased by 8.3 million barrels.
Kayrros’ expansion of Crude Oil Intelligence coverage will also include one new tank totaling 0.6 million barrels at the Jask terminal in Iran and the Barmer refinery in India, representing an additional 1.9 million barrels.
Kayrros regularly updates its coverage to keep up with the latest construction projects around the world. It also provides data on crude oil storage at refineries under construction such as Yulong and Barmer, well in advance of when they are expected to be completed, to understand when they will start producing.
Image: Nanshan Group Yulong Refinery (China).
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