China speeds up construction of oil reserves

VTV.vn - China is accelerating the construction of oil reserves in a large-scale stockpiling campaign.

China is accelerating the construction of oil reserves to strengthen energy security in the context of volatile global markets and increasingly unpredictable supplies, according to Reuters.

China’s state-owned oil companies plan to add at least 169 million barrels of oil storage capacity at 11 sites between 2025 and 2026, and have already built about 20 percent of them, according to official sources. Once completed, the new storage facilities could hold the equivalent of two weeks of China’s net imports.

China has been stockpiling an average of 530,000 barrels a day since the start of 2025, helping to support oil prices, according to S&P Global Commodity Insight. Analysts expect the stockpiling to continue at least until the first quarter of 2026.

China relies heavily on imported oil, mostly shipped, a strategic vulnerability that Beijing is seeking to mitigate by expanding its reserves, diversifying its import sources and maintaining domestic production. It is also pushing for renewable energy and electrification of its vehicle fleet, with gasoline and diesel demand expected to decline and overall oil consumption to peak in 2027.

Source: https://vtv.vn/trung-quoc-day-nhanh-xay-dung-kho-du-tru-dau-100251008094714672.htm