China aims to increase oil reserves in 2021

China plans to increase state oil reserves from 2021. The government seeks to learn from lessons promoted by the Covid-19 pandemic, ensuring that inventories are enough to deal with supply disruptions that could hurt the Chinese economy. Thus, promoting greater self-sufficiency of the State. The strategy for 2021-2025 should be presented in October.

Earlier this year, china's National Development and Reform Commission bought cheap oil after the market slumped. Officials said the government has begun investing in part of the storage capacity needed to increase reserves. To this end, it plans an acceleration in the construction of more facilities to store oil, especially in remote regions.

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