China is currently establishing a strategic petroleum reserve (SPR) to ensure its energy security. The stated government goal is to build up an SPR equivalent to the amount of 90 days of net oil imports by 2020. To build up an SPR needs a large amount of funds. How to determine the optimal...

The energy security situations of many oil-consuming countries have become worse because of greater uncertainty in the world market. This is especially true for developing countries such as China and India, which face greater risks because of their lack of strategic petroleum reserves (SPRs)....