China increases crude oil reserve

China imported 30.7 million tons of crude oil this July, a year-on-year growth of 29 percent and a record high, according to the data released by the General Administration of Customs, People's Daily Overseas Edition reported.


Strategic oil reserve plays a significant role in national security.
As the international oil price keeps dropping, China, as a major crude oil importer, has quickened its pace in increasing crude oil reserve.

China's crude oil reserve capacity is still low. According to a report released by China National Petroleum Corporation in 2014, by the end of 2013, China's strategic crude oil reserve capacity reached 141 million barrels. In 2013, China's daily oil consumption was about 1.39 million tons, which means that the country's crude oil reserve can only support 22.7 days of use.