Home>News Center>China
       
 

Oil sector well balanced, possibility of crisis ruled out
By Guo Nei (China Daily)
Updated: 2005-08-22 06:01

A price supervision official with Li's commission told China Daily that the central government has already worked side by side with local market watchdogs to stop oil price hikes in black markets.

Since last Wednesday, the China Petrochemical Corporation (Sinopec) and the China National Petroleum Corporation (CNPC), China's two oil giants, have delivered 80,000 to 90,000 tons of oil products daily to Guangdong. Li said the amount has exceeded the regular consumption level in the province.

Li also said since the beginning of this year China's oil products market has been stable in general and the demand for oil products can be met.

CNPC supply increase

CNPC, China's largest oil and gas producer, has reported rapid development of its crude oil production in recent years.

The corporation produced 65.45 million tons of crude oil in the first six months of this year, a 3.9 per cent year-on-year increase.

In view of soaring domestic oil demand, CNPC adjusted its strategy this year for guaranteeing the stable output at old oil fields in eastern China, while making rapid developments in terms of exploitation and production in newly developed oil fields in western China.

CNPC's newly discovered and exploited oil fields in western China have become a substitute for old ones.


Page: 12



Chimpanzee suffers from smoking addiction
The tide is high but they're holding on
China, Russia military drills stage landing
  Today's Top News     Top China News
 

EU, China begin talks on textile row

 

   
 

Joint forces storm beaches at climax of drills

 

   
 

Taiwan students on mainland given level fees

 

   
 

Japan, China to jointly develop 4G mobile

 

   
 

China says market to decide yuan's value

 

   
 

CCTV sends record invitations for festival

 

   
  Temasek close to buying BOC stake - FT
   
  N. Korea nuclear talks likely as planned
   
  Japan, China to jointly develop 4G mobile
   
  Two bus accidents claim 33, injure 56
   
  NPC debates further raising tax threshold
   
  Farmers protest over alleged lead poisoning
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
China's oil products supply is sufficient
   
China may tweak oil price-setting formula
   
China may tweak oil price-setting formula
   
CNPC sees rapid growth of major business
   
Venezuela opens oil office in China
   
Bid on Inchon Oil to be finalized
   
Guangzhou oil supply 'returning to normal'
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement