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2005-09-14 China-Japan-Koreas
Prices too high to fill up Chinese strategic petroleum reserve
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Posted by gromky 2005-09-14 06:41|| || Front Page|| [2 views since 2007-05-07]  Top

#1 "International prices are at high level, and to purchase oil for the strategic reserve now would be too risky," Zhang told a news briefing.

Hmm...someone else thinks that prices will come down soon.

This should be taken seriously, if China thinks oil will be coming down in price, odds are damn good they're right.
Posted by Redneck Jim 2005-09-14 10:52||   2005-09-14 10:52|| Front Page Top

#2 They might be awaiting the special Iranian discount in exchange for their Security Council vote against Iranian nukes.

That should be kicking in in the near future.
Posted by Captain America 2005-09-14 10:57||   2005-09-14 10:57|| Front Page Top

#3 If China were to fill its reserve at the time the USA and Europe are releasing oil from their reserves, it would negate the effect and everyone would lose out as prices would go higher.

The reality is that the release of stockpiles made a minimal impact on the price, far less than anticipated. I still maintain oil will continue to rise until a severe recession stops demand increasing.
Posted by phil_b 2005-09-14 18:39||   2005-09-14 18:39|| Front Page Top

#4 I just don't see oil returning to below 40 bucks a barrel even long term. Demand for refined products is still almost higher then demand than can be supplied.
Posted by Sock Puppet O´ Doom 2005-09-14 18:45||   2005-09-14 18:45|| Front Page Top

#5 Is there anyone from the US who can help them with Shale or reserves from some of the "Zahong" or greater China provinces that may hold crude - long term?

They need a long term reserve system. Why are they still burning it for power? Can we get the Nuclear project off the ground or not?
Posted by closedanger">closedanger  2005-09-14 22:53||   2005-09-14 22:53|| Front Page Top

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