Minimum oil stocks to be set
Print Edition
CHINA will set a minimum inventory level for commercial crude oil to keep the domestic oil market stable, the country’s top economic planner said yesterday.
All crude oil refineries must keep their inventories above 15 days’ average processing level, and no less than 10 days’ deposits if global crude oil prices exceed US$130 per barrel under a National Development and Reform Commission guideline.
Refineries should have minimum stocks within a year, while the deadline for enterprises with limited stock capacity is three years, the guideline said.
The new rule aims to meet short-term crude oil shortages and brace against global fluctuations. Commercial crude oil reserves will be held in case of natural disasters or emergencies, it said.
China’s commercial crude oil stocks fell 3.89 percent at the end of December from November. Stocks of refined oil products shed 4.02 percent.
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