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Commodities

China hoards resources as trade war and pandemic threaten supply

Data points to rising oil, cobalt and grain reserves amid disasters

China ramped up oil imports by more than 10% year over year in the first seven months of 2020.   © Reuters

SHANGHAI -- China has rushed to build up its reserves of food and other strategic goods from foreign sources, aiming to ensure a steady supply in the face of a widening array of global risks.

The oil tankers Stream and Snow made stops at the Guangdong Province port of Huizhou in July en route from Iran, according to Refinitiv, bringing crude oil that was likely received at facilities used exclusively by China Petroleum & Chemical, or Sinopec. The Chinese government built a state-run storage terminal at the port in 2010.

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