Asia Times: China’s oil and gas reserves better than expected

From The Asia Times Online:

A senior government official said on Thursday that China’s and gas reserves are better than expected, and China’s energy consumption growth is by no means a threat to the world’s energy market.

Xu Dingming, director of Energy Bureau of the National Development Reform Commission, also dismissed speculation that China will soon start massive purchases of crude oil to fill a planned strategic oil reserve. Speaking at a press conference of the BP Statistical Review of World Energy 2005 and China Energy Statistical Yearbook 2004, Xu said the current oil price, around US$60 a barrel, is too high for China to stockpile reserves.

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