Chinese oil companies will import 7 million barr/day of oil by the end of 2016

Till the end of 2016 China wants to import about 7 million barr/day with the help of its oil companies, as reported by Sinopec, April 18, 2016.

China will continue to increase its purchases of oil abroad to ensure raw material growing refining sector and the replenishment of the strategic reserves.
China is using the fall in oil prices to increase its strategic reserves. Beijing is also actively investing in increasing refining capacity amid rising demand for oil products that the country has to buy abroad: liquefied petroleum gas, naphtha and fuel oil, says the Bank. In parallel, Beijing has continued to build up reserves for emergencies.

The desire to save oil for future use is so great that this year China can proceed to the formation of four more strategic oil reserves equivalent to 100 days of imports. The reserves should be formed by 2020.

Following the results of 2016 China’s import grew by 6% compared to Q4 of 2015 г –up to 7, 34 million barr/day.
China can get a leading position in international oil import moving the US behind.
According to Unipec forecast following the results of 2016 total import volume will be a bit lower – 7,5 million barr/day.