China reveals strategic oil reserve size and locations

China’s National Bureau of Statistics made the size of the country’s estimated strategic oil reserves — totaling 12.43 million tons of crude — public for the first time on Thursday, South China Morning Post reported. The announcement from the bureau showed four reserve bases along China’s eastern coast in the cities of Zhoushan, Zhenhai, Huangdao and Dalian, for a combined stockpile of about 91 million barrels. The amount is only enough for roughly nine days’ consumption, far below the international standard of reserving enough to cover three months of imports, though the government plans to build up more reserves in the coming years.