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China’s oil reserves increased

China’s government released a report about oil sector on the last Friday. According to figures, strategic reserves in China have doubled since 2014 to 26.1 million tons. China’s government sticks to increase its reserves by maximum, while problems on raw materials markets give opportunity to buy cheap oil.


The report also shows that volume of oil storages increased to 28.6 cubic metres.


According to the report, volume of oil reserves in 2014 was 91 million barrels. This number may reach 500 million barrels by 2020. The same reserves in the US show 700 million barrels.


China’s oil refining industry consumes nearly 10 million barrels a year. In case of growth of auto park in China, this number may increase.


China’s economy depends on oil more that the US economy. Dependence on oil imports takes 60%. Such abrupt fluctuations on oil market reflect on changes in imports of China’s oil.