China imported about 12.4 million barrels of crude oil for its strategic storage tanks in December, more than 50 per cent above November's intake, industry sources said today.
State oil giant Sinopec, the key importer of the crude supply, has doubled its tank space lease at the Zhenhai reserve base to 20 million barrels, one industry source said.
The new imports suggest that at least 70 per cent of the tanks designated for strategic storage has now been filled.
China's top energy official said in November that China wants to fill its strategic oil reserves when global crude prices are relatively low.
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Oil has hovered above $60 a barrel levels for much of December and slid to $51.56 last week, the lowest since late May 2005.