Related Articles
Forward article link
Share PDF with colleagues

China tops up its tanks amid escalating import dependence

China’s escalating dependence on oil imports has spurred the country to pursue an ambitious strategic stockpiling programme that is expected to be a feature of the global oil market throughout this decade

Energy security is driving Beijing’s strategy as it seeks to cushion the blow of potential supply disruptions from the major oil producing regions of the Middle East and Africa. Aside from supply-cut insurance, the strategic petroleum reserve (SPR), which is operated by the national oil companies, could also to a lesser extent be used unofficially for price smoothing, Kang Wu, a senior advisor to Facts Global Energy (FGE), told Petroleum Economist. The first phase of China’s SPR was run strictly as emergency storage, while the second phase is probably more flexible, says Kang. China’s SPR plan is broken into three phases with a total capacity target of around 500 million barrels. Hard info

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy