(EnergyAsia, March 28 2011, Monday) — The Chinese government’s oil reserves are sufficient to cover just one month’s worth of imports, according to an official with the powerful National Development and Reform Commission (NDRC).
Crude oil accounted for about 75% of the state’s strategic reserves while oil products accounted for the remainder, said Wang Qingyun, head of the NDRC’s State Bureau of Material Reserve.
With 197 million in crude inventory, the NDRC may have built up 95 million barrels in the country’s second-phase storage tanks after stocking up 102 million barrels in the first phase in early 2009. This would imply a an average stockpiling rate of around 120,000 b/d.
China has stated it plans to achieve oil reserves level equal to 90 days’ worth of net imports as prescribed by the International Energy Agency (IEA).
Growing at an average of more than 8% a year in recent years, China’s economy has been responsible for holding up the world oil markets. Increasingly, it needs to import more oil as its domestic production is falling behind.