China aimed to build 100 day of imports
Bloomberg writes about how in 2009 China outlined plans to build oil reserves of the equivalent of 100 days of net imports but has rarely talked about how much it's accumulated since.
JPMorgan estimates China has been buying 1.2 million more barrels per day of oil this year that it's using, which would have put it around 400 million barrels compared to about 511 million. which would meet the government target.
That would mean reserves could be full in roughly 70 days. But it's more complicated because commercial refinery storage could also be rising.
The article is a very interesting take on a critical unknown in the oil market and something that may have underpinned the crude rebound this year.
