It is not correct to attribute the crude oil price hike in 2004 to the growth of oil consumption in developing nations such as China and India .
The outcome of evaluation on the oil and gas resources was better than former data.
As long as an all-out effort is made in exploration, it is possible to find new oil and gas resources in China.
Any slightest fluctuation could drive speculations on the oil price.
This (scale) should be determined according to China's real conditions.
And the proportion will increase to 10 per cent by 2020.
It would be a great financial risk for China to buy oil at the international market for its strategic reserve program as the current global oil price has been fluctuating at a high level.
Currently the international oil prices are at high levels. Against this backdrop, we would face big risks if we buy oil from the international market.
China has set a strategy to economize energy use, increase energy efficiency, mainly depend on domestic supply and explore the overseas market.
Copyright © 2024 Electric Goat Media. All Rights Reserved.