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China's Crude Oil Reserves at Full Capacity After Beijing's Stockpiling Push, Reports Suggest

© AFP 2022 / STRThis photo taken on May 10, 2011 shows a worker walking by at an oil refinery of China's Sinopec, in Wuhan, central China's Hubei province
This photo taken on May 10, 2011 shows a worker walking by at an oil refinery of China's Sinopec, in Wuhan, central China's Hubei province - Sputnik International, 1920, 26.02.2021
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MOSCOW (Sputnik) - China's crude oil reserves have consistently risen to over 100 days worth of net imports, pushing the limits of stockpiles and making it challenging to find new reservoirs, confidential sources told Bloomberg on Friday.

"In terms of crude stockpiling, we believe China’s goal will not stop at 100 or 120 days of reserves. National security is among the priorities for the coming years and this will sustain continuous stockbuilds," an analyst at industry consultancy FGE Mia Geng said.

China is the world's largest importer of crude oil. Since last year, Beijing has been pushing to increase government stockpiles to hold at least 90 days of net imports following the oil prices crash caused by the pandemic. Currently, government and commercial reserves fluctuate at 100-120 days of net import.

Defense Secretary Mark Esper testifies during a House Armed Services Committee hearing on Thursday, July 9, 2020, on Capitol Hill in Washington. - Sputnik International, 1920, 29.08.2020
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Significant reserves ensure that a country like China that relies heavily on oil imports will not be affected by disruptions in shipments. According to the International Energy Agency, countries should have enough crude to cover at least 90 days of net imports.

Bloomberg reports that China’s crude oil imports were estimated at 10.9 million barrels a day last year, current stockpile levels reaching approx. 1.09 billion barrel.

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