China expected to double strategic oil reserves next year - Reuters

FXStreet (Mumbai) - China, the world’s second largest oil consumer, is on its way to double its strategic petroleum reserves (SPR) next year, offering some respite to the commodity markets, Reuters reports. Markets believe that China would want to take advantage of the rout in the black gold prices and double up its oil reserves.

A poll of five analysts and data collected by Reuters show that Beijing will add 70-90 million barrels of crude to storage tanks in 2016 to build up its strategic petroleum reserves (SPR).

Yaw Yan Chong, Asia director at Thomson Reuters Oil Research and Forecasts notes, "There is still significant spare capacity in China's SPR, which can take in another 12 million tonnes of crude (88 million barrels)."

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