Satellite Data Show China May Have Stored More Crude Than Estimated
- Orbital Insight estimates oil stocks at 600 million barrels
- Imagery analysis tracks shadows on 2,100 tanks’ floating lids
Satellites May Show More China Oil
This article is for subscribers only.
China, the world’s largest energy consumer, may have stored more oil than official estimates, according to an analysis of satellite images by Orbital Insight Inc.
Oil in storage was about 600 million barrels as of May, according to the geospatial analytics startup based in Palo Alto, California. There were about 2,100 strategic and commercial petroleum reserve tanks capable of storing 900 million barrels as of the end of 2014, according to calculations derived from photos tracking the depth of shadows visible on top of the floating lids of the giant tanks. They don’t include underground caverns.