China`s oil reserves increase
Source: www.chinamining.org Citation: Xinhua Date: May 02, 2017
China`s national oil reserves rose to 33.25 million tons in mid-2016, official data showed Friday.
The figure represented 4-percent growth from 32 million tons at the start of 2016, said a statement by the National Bureau of Statistics (NBS).
The oil is at nine strategic storage bases and some corporate facilities, it added.
China`s state strategic oil reserve program was launched in 2004 to offset supply risks and reduce the impact of fluctuating prices on the domestic market.
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