Experts Say that China's Oil Reserve Level Fails or Properly Holds More Than 30 Days

Oil is an important weapon in Iran's "alarm" world. Despite the fact that it is a global problem for the Iranian to skillfully manipulate "oil poker", the Chinese-style reserve dilemma remains prominent. The reporter noted that official calibers show that China plans to achieve the 90-day goal by 2020, compared with the number of days of strategic oil reserve in the United States, Japan, and other countries that are as high as 200 days.

According to the estimates of imports and reserves, once the crisis in Iran escalates, the oil in the Gulf region will be cut off, and China can only rely on existing reserves for only 30 days. Some analysts believe that following the example of the United States, Japan, and other large reserves, the establishment of a pluralistic system is a long-term project. The current situation of “three barrels of oil” requiring funds to go to the sea to “buy oil” may contribute to an expedient increase in oil prices.

US oil reserve can hold 420 days

According to report, the strategic petroleum reserve system originated from the 1973 Middle East War. According to the requirements of the International Energy Agency at that time, member states must reserve at least 60 days of oil, mainly crude oil reserves. After the second oil crisis in the 1980s, the demand increased again to 90 days. Therefore, the number of days of strategic oil reserves in developed countries such as the United States, Japan, Germany, and France has already reached the standard. As early as 2009, the U.S. strategic oil reserve exceeded 700 million barrels, of which commercial crude oil can be stored up to 350 million barrels, which can be used for 150 days in the country.

Han Xiaoping, Chief Information Officer of China Energy Network, estimated that the United States plans to double its strategic oil reserve by 2010 to 1.5 billion barrels, so the record has already been refreshed by the Americans themselves. "If Iran is now playing a 200-day battle to impose sanctions on oil transportation worldwide, the United States can hold 420 days, the EU is about 238 days to 250 days, and Japan is also more than 200 days."

China's oil reserves fail to pass the level

In comparison, China started late in the strategic considerations of the oil reserve. In January 2010, Zhang Guobao, former director of the National Energy Administration, once stated that China has successfully completed the first phase of its oil strategic reserve. The first batch of four oil reserve bases has a total reserve of about 14 million tons. The second phase of the strategic oil reserve base is expected to be 2012. When completed in the year, it will increase its reserve capacity to 274 million barrels (about 37.53 million tons). According to data from the General Administration of Customs of China, in 2011 China imported a total of approximately 254 million tons of crude oil. A simple calculation shows that the 37.53 million tons that can be achieved by the end of the year amount to about 50 days of imports, while the 14 million tons of the first phase project equals about 10 days of imports, plus the domestic 21 days of imports. The oil reserve capacity is the reserve capacity that currently has more than 30 days of import volume. According to Zhang Guobao, it is not until 2020 that China will be able to build an oil reserve of 500 million barrels, which is enough for the 90-day "pass line" of petroleum reserves of developed countries.

After the Lantern Festival, the risk of price increase surged

In response to the Iranian crisis, there seems to be only one way to raise the price of oil in China. “I think that after 15th of the first month, the price will be adjusted. The next step is that due to changes in the Gulf, the price of oil may rise further. If you don’t adjust this time, then if the price of oil rises too much in the next step, the adjustment will be too big and it will be very difficult. Han Xiaoping analyzed the reporter.

Dong Xiucheng, deputy dean of the School of Business Administration of China University of Petroleum, also stated that if the war is really started, the price of oil will change from a small rise to a large increase.