USD 64.1213

+0.29

EUR 70.604

-0.07

BRENT 64.03

0

AI-92 42.4

+0.01

AI-95 46.11

0

AI-98 51.89

-0.01

Diesel 46.15

0

15

Another Step for Chinese Reserves

China has confirmed four sites to house the nation's...

China has confirmed four sites to house the nation's strategic oil reserves (Zhenhai and Zhoushan in Zhejiang, Dalian in Liaoning and Huangdao in Shandong province), according to reports. The locations were chosen for their proximity to ports, pipelines and oil refineries.

The oil reserves will be state-owned but will be supplemented by company reserves, and will be comprised of crude oil, refined oil, and possibly liquefied petroleum gas and liquefied natural gas.

China decided to start stocking up on oil in January to shield itself from global supply shocks, and plans to invest $100 billionto establish the reserves in the next 20 years.