China's strategic oil reserves seen at 30 days, double official figure

Beijing

CHINA is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market.

Based on data compiled by industry and consulting sources, China now has nearly 30 days of stocks to cover crude imports, far ahead of its official schedule showing 15 days.

In the next few years, China's cover could reach 90 days of so-called Strategic Petroleum Reserves (SPR), equivalent to the target reserves for the West's main oil…