China’s Oil Reserves One-tenth filled with Russian Oil
China is one-tenth of the way towards filling its strategic oil reserves. Three million barrels of Russian crude oil has been stored over the past two months.
The full mark is set at 32.7 million barrels.
What is not known is how much domestic oil is in the tanks with that from Russia.
China, like any country, would like to have stability in its energy supplies and the strategic reserves is a step in that direction.
So, why keep it secret as to how much is already in the tanks?
Xu Dingming, Vice director of the State Energy Office says the tally is kept under wraps to keep traders from bidding prices higher.
Some, many, rightfully or wrongly, blame China for the rise in oil prices.
So, then, why did the prices go back down? Is that China’s fault, too?
What do you think?
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