China is to Ramp Up Petroleum Stockpiling ths Year
BonTradeAs the fastest expanding economy, China's demand for oil has expanded explosively. While talks about building strategic petroleum reserve began in 2008, the country announced a Strategic Petroleum Reserve program (SPR) in 2007, aiming to build up 100 days total capacity to 100 days of import requirement by 2020. The market has been focusing on China as the world's demand growth driver. We believe it is worth looking into the SPR program as it may affect oil prices, not only this year, but the decade. Indeed, the opportunistic stock-building strategy has been a supportive factor for world oil prices in late 2008-2009.
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China is to Ramp Up Petroleum Stockpiling ths Year
