China to Start Buying Oil for State Reserves After Crash
- Beijing sets target to cover 90 days of net oil imports
- Could be expanded to 180 days when including commercial tanks
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China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.
The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government’s reluctance to release information about their formation, size or use.