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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 Oilprice.com. 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 vital commodity. However, as inventories built up, concern emerged that the world’s second-largest consumer of oil could run out of storage space, which would have hurt prices.

Mia gengMichal meidanFlorian thalerChina energy programmeOxford institute for energyOxford instituteEnergy studiesIrina slavமியா கெங்மைக்கேல் மீடன்புளோரியன் தாலர்சீனா ஆற்றல் ப்ரோக்ராம்ஆக்ஸ்ஃபர்ட் நிறுவனம் க்கு ஆற்றல்ஆக்ஸ்ஃபர்ட் நிறுவனம்ஆற்றல் ஆய்வுகள்