Boosting state oil reserves

Stocking up: A general view of a crude oil importing port in Qingdao, Shandong province. The oil price crash is making China consider shoring up its reserves. – Reuters

BEIJING: Oil’s historic price crash is prompting the Chinese government to consider buying more crude for state reserves, according to people with knowledge of the matter.

Top planning officials are consulting with Chinese government agencies and state-owned energy companies about the possibility of bolstering the nation’s strategic stockpiles with cheap oil, the people said, asking not to be identified because the matter is confidential. Beijing is yet to decide whether to proceed, they said.