China has for the first time offered a formal estimate for a portion of its strategic petroleum reserves, following pledges of greater transparency of its oil stockpile size.
Xi Jinping, China’s top leader, said in Australia last weekend that the country would start regularly releasing information about its strategic petroleum reserves, building on an agreement this summer between US and Chinese energy officials.
The National Bureau of Statistics said yesterday that the first stage in building its strategic reserves was complete and held 12.43m tonnes, about 91m barrels of crude in four locations.
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