China began to oil its strategic oil reserve in the fourth quarter

Zhang Guobao, deputy director of the National Development and Reform Commission of the People's Republic of China, said in New Orleans, the United States, on the 28th that China began to use its own oil to inject oil into the strategic oil reserve from the fourth quarter of this year. He also refuted the view that the high oil price in the international market was attributed to the increase in China’s oil consumption.

According to foreign reports, Zhang Guobao made this statement during a US-China oil and gas conference held in New Orleans. This is the first time that China formally confirmed when it started to fill the strategic oil reserve.

After the first oil crisis of the 1970s, the developed countries began to establish strategic oil reserves in general to meet the emergency situation of the sudden interruption of the supply of imported oil. The U.S. Department of Energy said that in August this year, the U.S. strategic oil reserve will reach a target of 700 million barrels.

Last year's oil consumption increased to a record high in 1976

On the 29th, the BP World Energy Statistics 2005 issued jointly by the BP (BP), the Energy Development Bureau and the National Bureau of Statistics, showed that the growth of world oil consumption in 2004 was the highest since 1976. Consumption has increased by nearly 2.5 million barrels per day, which is more than twice the average growth rate over the past 10 years.

According to reports, growth has become a global phenomenon driven by a strong global economy, and oil consumption in all regions has exceeded the average of the past 10 years.

Global oil production also exceeded 80 million barrels per day for the first time. Once again, Russia became the largest supplier outside the Organization of Petroleum Exporting Countries. The increase in Angola, China, Ecuador, Equatorial Guinea and Kazakhstan exceeded 100,000 barrels per day.

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