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, equivalent to the target reserves for the West’s main oil importers, including the United States, particularly if prices stay weak. After a 30 percent drop in oil prices since June, the OPEC producer club meets in Vienna on Thursday to consider whether to cut output to shore up prices. Beijing rarely publishes its oil stocks for fear that the knowledge will give […]