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Article: Strategic oil reserves will not impact crude prices: China.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- July 5, 2005
CopyrightCOPYRIGHT 2005 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Beijing, July 5 (PTI) China's plan to establish the first phase of a strategic oil reserve by the year end will not impact the global crude oil market since it will be using domestic oil supplies and not imported crude, government officials said. The move is not expected to have a major impact on international crude oil markets, since the crude will come from domestic supplies, 'China Daily' quoted the officials as saying. The officials said the stockpiling of reserve oil in China is not likely to pose a threat to the oil market in the international arena, as the country will rely on the domestic supplies rather than imports to fuel the oil reserves. Vice-minister of ...