China able to cope with high oil prices ahead of stocks build-up

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Getting hold of the oil may prove harder, however, with the Organisation of Petroleum Exporting Countries (OPEC (news – web sites)) already operating close to full capacity, they added. The energy-hungry nation intends in the short term to build strategic reserves that would provide it with enough oil for 30 days, or 200 million barrels per day (bpd). Within a decade, China hopes to increase its reserves to 630 million bpd — enough supply for 90 days. China’s head of the state administration of foreign exchange, Guo Shuqing, recently envisaged resorting to the nation’s currency reserves to finance the purchase of strategic stocks.

Getting hold of the oil may prove harder, however, with the Organisation of Petroleum Exporting Countries (OPEC (news – web sites)) already operating close to full capacity, they added. The energy-hungry nation intends in the short term to build strategic reserves that would provide it with enough oil for 30 days, or 200 million barrels per day (bpd). Within a decade, China hopes to increase its reserves to 630 million bpd — enough supply for 90 days. China’s head of the state administration of foreign exchange, Guo Shuqing, recently envisaged resorting to the nation’s currency reserves to finance the purchase of strategic stocks.

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