URGENT: China Will Not Import Oil to Fill Its Reserve When Price Remains High

URGENT: China will not import oil to fill its reserve when price remains high

BEIJING, Sept. 13 (Xinhua) — China will not import crude oil to fill its reserve when the oil price remains high, a senior government official said here Tuesday.

It would be a great risk for China to buy oil from the international market for its strategic reserve program as the current global oil price has been fluctuating at a high level, said Zhang Guobao, deputy director the State Development and Reform Commission.

China will study other ways to gradually increase the state oil reserve, said Zhang at a press conference of the Information Office of the State Council, the country’s cabinet.

China has started to formulate plans for a state oil reserve and construction of some oil reserve facilities are under way.