China’s crude oil reserves have reached a level equal to 100 days of imports, Bloomberg has reported , citing unnamed sources in the know, which is near the country’s storage capacity limits. The amount includes both strategic and commercial inventories, the Bloomberg source said. Data compiled by oil data analytics company OilX (that is powered by local insights from SIA Energy) shows Chinese storage at close to 1.1 billion barrels and has been growing again after a decline in December 2020, with massive imports during February 2021, OilX chief executive Florian Thaler told OilX also noted that the Chinese SPR has been full to the brim since October 2020 at around 380 million barrels. Some of the SPR effectively had to be going into leased commercial storage, the analytics firm said. China went on an oil-buying spree last year when international prices tanked to stock up on the […]