Shenzhen Jinliyin Precious Metals Co., Ltd.

& Consultation Hotline: International oil prices have been falling continuously recently. As a major importer of crude oil, China has accelerated the pace of crude oil reserves. The latest data from the General Administration of Customs shows that China’s monthly imports of crude oil reached a record high of 10,000 tons, a year-on-year increase of 10,000 tons. Experts pointed out that strategic oil reserves are of great significance to the country, and we should seize the opportunity of the current low international oil prices and accelerate the replenishment of crude oil reserve gaps to ensure the security of national energy and economic construction.
Oil reserves & foundation is too thin&r
Since 2008, my country has become a net importer of crude oil. Since then, its dependence on foreign countries has continued to increase, exceeding % in 2018. Since last year, imports have accelerated. From month to month this year, crude oil imports surpassed the United States in a single month.
Although it continues to purchase oil from overseas, China's crude oil "finance" is still "too thin". According to a report released by China National Petroleum Corporation in 2017, by the end of the year, China's strategic crude oil reserve capacity reached 1.3 billion barrels. Based on a static calculation of China's annual oil consumption of 10,000 tons per day, crude oil reserves are only enough for .
China’s National Bureau of Statistics said last year that China’s first phase of building a storage facility would hold about a day’s worth of oil for the country, and the goal was to reach a day’s worth of oil consumption.
With China's economic construction and social development, oil consumption has increased rapidly, and crude oil reserves have therefore been low. Cao Xianghong, an academician of the Chinese Academy of Engineering, analyzed that because China's consumption is constantly growing, when we first started construction, we consumed 100 million tons of crude oil every year, so the reserve capacity of 10,000 tons can be used for one month, but now it can only be used for half a month, so Oil reserve capacity remains low.