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Strategies - USA - China and Saudi Arabia: interesting SPR team up?
China may tap Saudis to fill its oil reserve, a move likely to influence prices
SAN FRANCISCO,CAL,USA -MarketWatch, by Myra Saefong -Jun 23, 2006: -- A deal between the globe's most populous nation and the biggest oil producer in the world may hold significant consequences for oil prices, but experts disagree on exactly what that outcome might be... China and Saudi Arabia are reportedly discussing an agreement to import oil from Saudi Arabia to fill China's strategic oil reserves... The goal was to have about 800 million barrels in the reserve, said Phil Flynn, a senior analyst at Alaron Trading, who cited comments from China's Finance Minister Jin Renqing last year... That would be larger than the strategic petroleum reserve in the United States, the biggest stockpile of government-owned emergency crude, which peaked at an all-time high of 700.7 million barrels of oil in August 2005 and can hold as much as 727 million barrels. Its current inventory stands at 688.6 million... But earlier this week, the Chinese government said it's in talks with Saudi Arabia on importing oil to fill its strategic reserves, according to Dow Jones Newswires. The deal would involve large volumes of Saudi crude, with the first shipments unlikely to come before year's end... That means "China is really going to be a competitor with the U.S. for oil supplies," he said.
posted by Unknown @ 9:54 AM
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