Darwin: Current high crude prices will not have an impact on China's plan to fill its strategic oil reserves, a top Chinese official said on yesterday.
Wang Jinxiang, vice-chairman of the National Development and Reform Commission (NDRC), said China's strategic reserves were mostly filled with domestic supplies and overseas crude made up a small part of the equation.
"High oil prices will not have any impact on our strategic oil reserves because we import very little oil, we get most of our supplies domestically," Wang told reporters on the sidelines of the Asia-Pacific Economic Cooperation (Apec) meeting held this week.
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This contrasts with evidence from shipping sources that say most strategic reserve fills came from imported crude, implying Wang's remarks are aimed more at offsetting worries that China's growing demand for imports is helping drive up oil prices.
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