It's my understanding that a lot of oil was stockpiled in the strategic reserves of several countries, especially China, a few years ago.
Now that they have cut back on those purchases the current oil "demand" is from consumers only.
ie ... I believe that overall worldwide consumer oil demand has increased modestly over the past several years but total oil demand has not increased as a result of lower strategic reserves purchases.
http://www.ft.com/cms/s/0/c7090954-347d-...z2azorH7tQ
November 23, 2012 7:02 am
China stops filling strategic oil reserve
Now that they have cut back on those purchases the current oil "demand" is from consumers only.
ie ... I believe that overall worldwide consumer oil demand has increased modestly over the past several years but total oil demand has not increased as a result of lower strategic reserves purchases.
http://www.ft.com/cms/s/0/c7090954-347d-...z2azorH7tQ
November 23, 2012 7:02 am
China stops filling strategic oil reserve
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