China's oil reserves will likely be equivalent to 30 days of annual crude oil imports by 2010 according to a senior economic planning official. The mainland has not disclosed the size of its strategic reserves, but the International Energy Agency, an adviser to 26 oil-consuming nations, recommends members keep a stockpile equal to 90 days of net imports, the South China Morning Post reported. Chen Deming, vice-chairman of the National Development and Reform Commission, said China would not spend "too much" money on aggressively expanding its strategic oil reserves, as prices were still high and any move by China to fill stocks quickly could cause turbulence in global markets. The fact that China was a developing country with many other areas in need of spending, such as education and social welfare, was also a reason for not pouring an excessive amount of money into oil reserves, he said.
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