China’s oil reserves increase

BEIJING– China’s national oil reserves rose to 33.25 million tonnes in mid-2016, official data showed Friday.

The figure represented 4-percent growth from 32 million tonnes 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 as quoted by state news agency, Xinhua.

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.

Source: Emirates News Agency