US EditionChina Could Tap Oil Reserves as Supply Disruptions Deepen
3 Articles
3 Articles
The war in the Middle East is causing a serious disruption in the supply of oil.
China could tap oil reserves as supply disruptions deepen
China is close to tapping its vast commercial oil reserves as supply disruptions from the Iran conflict grow more acute, an industry consultant said.Beijing has stockpiled an estimated 1.4 billion barrels of crude reserves, and could draw down about 1 million barrels each day to respond to the crisis, Bloomberg reported.Beijing has taken other steps to weather the shock; it has banned refined fuel exports, and Saudi Arabia is diverting some Chin…
The freedom of commercial and operational “stocks” to be released would be at 1 millimetre or barrels per day during the four-sixmas six weeks, which would represent a total of between 30 and 45 million barrels, according to the FGE NexantECA.
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