China will expand its oil storage capacity, the government said today, adding that /it will also pursue unconventional gas exploration to improve energy supply security, Reuters reports , citing a statement made to the national parliament, the National People’s Congress. The world’s top oil importer has been stocking up on crude amid super low prices, with fill rates at its strategic and commercial reserve facilities doubling over the first quarter of the year. What’s more, shipping data from Bloomberg reported earlier this month suggested that the country may take in another 230 million barrels of cheap oil, at least over the next three months, with a fleet of 117 Very Large Crude Carriers—or VLCCs—en route to Chinese ports, which are due to arrive between mid-May and mid-August. Separately, satellite imaging and reports from analysts cited by Bloomberg have revealed that China’s crude oil inventories were beginning to decline after […]