Oil-hungry Asian nations pounce on low prices to build stockpiles

Singapore (AFP) – Some oil-hungry Asian nations are taking advantage of the collapse in prices caused by the coronavirus pandemic to build up their crude stockpiles. Here are some questions and answers about strategic reserves and the region’s oil supplies:What are strategic oil reserves and why do countries need them?Strategic reserves are stockpiles of oil and other fuels held by governments in secure storage facilities to cover unexpected disruptions to energy supplies.Major economies such as the US, China and Russia began to build up reserves after oil shocks in the 1970s, according to Rav…

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