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According to reports, the National Petroleum Reserve Center is the executive layer in China's oil reserve management system. Its purpose is to provide oil reserve protection for the maintenance of national economic security. Its duty is to exercise the rights of contributors, to be responsible for the construction and management of the national oil reserve base, and to assume strategic petroleum reserves. Collect, store, rotate and use tasks to monitor changes in supply and demand in the domestic and foreign oil markets.
The National Development and Reform Commission stated that the establishment of the center has strengthened China’s oil reserve management force, straightened out the management level relationship of China’s oil reserves, opened the curtain for the development of China’s oil reserves to specialization and regularization, and will build and improve China’s characteristics. The oil reserve management system, accelerating the construction of strategic petroleum reserves, and regulating the operation of oil reserves play an important role.
According to the National Development and Reform Commission, the National Petroleum Reserve Center was officially established on December 18. The National Petroleum Reserve Center is independent from the Energy Development Bureau of the National Development and Reform Commission and is a directly-affiliated agency under the National Development and Reform Commission.