\n<\/p>\n
China is set to extend its oil stockpiling as part of efforts to insulate itself from any \u201cemergency situation\u201d, a senior official from Beijing\u2019s central planning body said today.<\/p>\n
China is already relatively insulated against supply shocks in energy, Wang Changlin, vice chairman of the National Development and Reform Commission, said today, as quoted by Reuters. Reserve-building will continue to enhance the resilience of the world\u2019s largest oil importer, he also said, as will diversification efforts with regard to imports.<\/p>\n
Additionally, the Chinese government will aim to boost domestic production of crude, Wang said. Last year, China\u2019s local oil production stood at 4.3 million barrels daily, rising to 4.4 million barrels daily over the first quarter of 2026.<\/p>\n
Meanwhile, imports of both oil and gas are down amid the surge in prices prompted by the war in the Middle East. The latest data, released earlier this month, showed that China imported 2.3% less oil in March than a year ago, at 49.98 million tons, although imports for the first quarter were up by 8.9% on the year as stockpiling continued.<\/p>\n
Natural gas imports were down by 11% in March from a year ago, and first-quarter gas imports were down an estimated 4% from a year ago, according to Bloomberg. Imports of liquefied natural gas specifically dropped by 22% in March.<\/p>\n
In diversification efforts, China is understandably turning away from Middle Eastern crude and seeking more volumes from Central Asian producers, and more specifically, Kazakhstan, Bloomberg reported earlier in April. Saudi oil volumes, meanwhile, are set for a sharp decline. May shipments from the kingdom to China could be only half of what the country is set to import this month, unnamed traders told the publication earlier this week. The April total is seen at 40 million barrels.<\/p>\n
By Irina Slav for Oilprice.com<\/p>\n
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