65 comments on Venezuela Halts Oil Sales to Exxon Mobil
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How much oil could China absorb for their SPR ?
China uses AFAIK, above ground tanks, so their are limits to their ability to build new tanks.
A specialty refinery could be built to slowly transform the SPR crude into refined or semi-refined products for further storage.
My guess is that China can absorb 100,000 to 200,000 b/day into theri SPR. A long term deal at, say, $85/barrel might look good right now for both parties. The USA would lose that amount and sales elsewhere could bit be repurposed back to the USA.
Alan
I think China might be willing to build refineries to handle their heavy crude. It depends on what other deals that China can get. China is on the record as saying that they make deals with countries that the U.S. will not deal with. They will sell arms to the Saudis that we will not sell them, for oil. China is very active in securing their oil future and they have the U.S. dollars from trade to make the deals.
Hi Alan, would you guess that those repurposed sales could be at a repurposed price?:)