China plans to increase state oil reserves

Sources with knowledge of the matter have told Bloomberg that due to the sharp drop in the price of oil, the Chinese government is considering increasing purchases of the commodity for state reserves.

Top planning officials would be consulting Chinese government agencies and state energy agencies to assess the possibility of strengthening the country's strategic inventories with cheap oil. Beijing has not yet decided whether to adopt the measure.

There was no return to questions sent to the Chinese government, which generally keeps secret about its stocks. What is known is that in December, state-owned China National Petroleum said the government intended to increase the capacity of strategic oil reserves to 503 million barrels by the end of this year, an indicator of the maximum amount the government can store.

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