China to boost oil stockpiling

China plans to use the fall in global energy demand to boost its fledgling oil reserves against future supply shocks, as it speeds up development of nuclear and wind power and cuts reliance on coal, a top energy official said. That could increase import demand and help global crude oil prices get into forward gear. The government has not disclosed if it has fully filled the first phase of tank farms, which were set up in four locations and can hold 102 million barrels, equivalent to 29 days of crude imports, based on average net trade so far this year. (December 29, 2008)