China's oil reserves growing but not quickly
28 November 2006
China is not likely to build up its strategic oil reserves quickly, the Wall Street Journal reported. Although the country continues to pour commercial quantities of crude into storage tanks the price of oil remains historically high and commodities analysts believe the government does not have to move quickly. Imports of crude oil in October fell 3.8% year-on-year to 10.8 million metric tons or an average of 2.56 million barrels a day. From January to October, the country imported 120 mmt, up 14.1% from a year earlier, according to data from the General Administration of Customs. Crude imports in October were the second lowest of the year and down 19.6% from September.