How is China's oil reserves going? How is the international oil price going? How does the rise in international oil prices affect China? During the "two sessions," Zhang Guobao, the first "officer" of the National Energy Administration, and Wang Qingyun, member of the Party Group of the National Development and Reform Commission and Director of the Materials Reserve Bureau. Both authorities said that the current situation in the Middle East and North Africa has little impact on China’s oil imports. Wang Qingyun revealed that at present, China's oil reserves are generally available for one month, and will expand to the 90-day requirement of international standards in the future.
State Reserve Bureau Director Wang Qingyun: China's crude oil and refined oil reserve ratio is 3:1
In the afternoon of March 7th, before the CPPCC subgroup discussion, Wang Qingyun, member of the Party Committee of the National Development and Reform Commission and Secretary of the Material Reserve Bureau, took the time to accept an exclusive interview with the reporter.
Reporter: As the director of the Bureau of Materials Reserves, can we simply introduce us to the function of the national material reserves?
Wang Qingyun: The national reserve is divided into thirteen categories. The national material reserve is a strategic reserve that serves the needs of national defense. It mainly includes the reserves of petroleum, precious metals, and other products, and indirectly serves production.
Reporter: How is China's oil reserve progress?
Wang Qingyun: According to the standards of the International Energy Agency, oil reserves should reach the standard of 90 days. China's current oil reserve (amount) is roughly one month, which means that the first phase has been basically completed. There are two major reserves in this area, one is a crude oil reserve and the other is a refined oil reserve. The ratio of crude oil and refined oil reserves is basically three to one.
Reporter: What is the progress of the second phase of oil reserves?
Wang Qingyun: The second phase of the reserve is currently proposed, and the site is still under construction. This is mainly done by the National Energy Administration and other departments, but the second and third phases will be built in the future so that our country can reach 90 days. Claim.
Reporter: It is said that when China holds its first phase of reserves, the international oil price is still relatively low. What do you think about the relationship between reserves and prices?
Wang Qingyun: There is not much relationship between reserve and price. As long as the country needs it, we must reserve it.
Zhang Guobao, former director of the National Energy Administration, said: "When it's $60/barrel, I say we must rush in."
In the past ten years, China has changed from a net exporter of oil and coal to a net importer. Energy security has become an increasingly pressing issue.
At noon yesterday (March 8), Zhang Guobao, member of the Standing Committee of the Chinese People's Political Consultative Conference, former deputy director of the National Development and Reform Commission, and former director of the National Energy Administration, received an exclusive interview with reporters. Zhang Guobao has been in charge of energy work for 11 years and he is very familiar with China's energy issues.
Import of crude oil from Libya only accounts for 3% of China's imports
Reporter: The Libyan internal conflict has intensified. Once oil-rich Libya interrupts its oil supply, how will it affect China?
Zhang Guobao: I think that even if there is no turmoil in Libya or the Middle East, the trend of oil prices will actually go up.
However, the current situation in the Middle East and North Africa has little impact on our actual import of crude oil in China, because China imports very little oil from Libya and only accounts for 3% of our imports. Even without this 3%, we can solve it through other channels. Further, even if the Suez Canal is not open to traffic, it will have little impact on us because Chinese oils rarely come through Suez.
However, more than half of China’s crude oil is imported from the international market, so the rise in international oil prices will have a greater pressure on China’s input inflation, and the main problem lies in this place.
Suggest "12th Five-year Plan" to increase oil substitutes
Reporter: The degree of foreign dependence on China's oil has gradually increased in recent years, and it has even exceeded half. What measures does China have to respond to high oil prices?
Zhang Guobao: In the middle of last year, when the (international oil price) was about 60 US dollars per barrel, I took the three major oil companies to my office. I said 60 US dollars, and you rushed in. (This is because) I expect that it will definitely be higher than $60 in the future. Breaking through $100 is entirely possible, even if there is no Libya incident.
The biggest issue in China's energy security is oil security. Therefore, I suggest that research on petroleum substitutes should be added to the "12th Five-Year Plan".
It should be said that China’s energy demand has grown rapidly during the “Eleventh Five-Year Plan†period, but overall China’s energy dependence on foreign resources is only 10%, and 90% is still domestic energy. This seems to be somewhat different from what the media say. I Explain to you.
In fact, we only have high dependence on foreign oil, China's oil dependence on foreign has reached 56%, and this trend is still growing.
China’s (annual) self-produced (oil) 200 million tons, and (oil) imports have reached 240 million tons. From the perspective of the current reserves of oil reserves in China, it is not likely that (annual output) exceeds 200 million tons. Big, last year, China’s auto sales reached more than 18 million vehicles. This rigid growth is very strong. After that, the foreign dependence on oil will increase.
Rising in oil price fluctuations This is a trend
Reporter: The trend of international oil prices is now debated by all parties. Oil seems to be the most favored by international speculators.
Zhang Guobao: How much will international oil prices go up? No one can predict accuracy at any time because it is composed of many factors. But there are several upside factors.
The main thing is whether the situation in Libya will spread to other countries, such as Saudi Arabia. If it does not affect, Saudi Arabia's (oil export) growth potential is still there, but if it does, then the impact will be great. The situation in the Middle East is further aggravated, and that will certainly drive up oil prices.
However, in general, although oil prices fluctuate, they are an upward trend in the fluctuations.
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