Sun Qin: China is waiting for opportunities to increase oil reserves

The National Energy Administration was formally established in Beijing on August 8. The previous “Three-Determined” plan of the Energy Administration also showed that the National Petroleum Reserve Center was transferred from the National Development and Reform Commission to the National Energy Administration, and was established by the newly established Oil and Gas Division. As the direct counterpart of the National Petroleum Reserve Center, the Petroleum Reserve Office is responsible for the specific implementation of related work.

In response, Sun Qin, deputy director of the Energy Bureau, said in a regional energy security dialogue held in Bangkok recently that China will continue to increase emergency oil reserves. The most urgent task is to guarantee the energy supply for the past two months to ensure the Olympics and people's livelihood.

In the long run, the main tasks of the National Energy Administration are to adjust energy development strategies and plans, study and formulate energy regulations and policies, promote rational distribution of major energy projects, strengthen international energy cooperation, and promote stable and healthy economic operations.

China currently holds about 100 million barrels of crude oil reserves for protection against supply disruptions. Compared with the scale of the US strategic oil reserve of about 700 million barrels, it is not too much. However, some industry analysts predict that China's strategic oil reserves will reach 146 million barrels in 2010 and will reach 512 million barrels thereafter. The recent drop in oil has also increased the likelihood that energy-consuming countries will begin to increase their emergency oil reserves. At the same time, Sun Qin also said that the oil price of $120 a barrel is still high, so it is still necessary to study it carefully before making a decision.

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