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Saudi Arabia has the world’s third largest oil stocks, MEES analysis of Jodi data indicates. The kingdom had 382mn barrels of oil stocks as of end-September, of which 77% was crude. The US is way out in front with oil stocks of over 1.72bn barrels, up by over 100mn barrels on six months earlier (see tables).
China is the biggest omission from the Jodi reserves data (Russia and India are also absent). However, China last week for the first time revealed details on its strategic petroleum reserve (SPR).
China is storing 12.43mn tons (around 91.1mn barrels) of crude at the four sites which comprise its 103mn barrels-capacity SPR Phase-1. But total Chinese crude reserves are likely to be much larger. The 170mn barrel-capacity SPR Phase-2, set for 2020 completion, is already part full.
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