World’s biggest importer is taking advantage of a 60% plunge this year, snatching up cheaper barrels. FMTNews China
BEIJING: China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.
In addition to state-owned reserves, it may use commercial space for storage as well, while also encouraging companies to fill their own tanks, they said. While the current size of China’s state reserves is unknown, and Beijing could use a different method for calculating net imports, oil traders and analysts estimated it could amount to China buying an additional 80 million to 100 million barrels over the course of the year.
Officials at the National Development and Reform Commission, the top economic planner, didn’t immediately respond to requests for comment. According to SIA, China had about 996 million barrels of oil combined in strategic and commercial storage as of March 31. Another research firm, Orbital Insight, pegged the figure at about 928 million barrels on April 1.
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