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China Poses No Threat To Global Energy Supply

Long accused Westerners of misguiding the world by blaming China for the rise of oil prices in recent years, saying that it is mainly due to the turmoil in the Middle East.
by Staff Writers
Beijing (XNA) Oct 09, 2006
China's economic growth poses no threat to the global energy supply, Long Yongtu, general secretary of the Bo'ao Asian Forum and China's former chief negotiator at the World Trade Organization (WTO) has said. "The notion of a Chinese threat to the global energy supply reflects fears about China's rise on the part of some Westerners," Long said Saturday in Beijing at an international forum on China's energy strategy.

As chairman of the forum, Long said in his speech that the so-called "China threat" emerged in 2002, when China's oil consumption accounted for six percent of the world total.

In contrast, the United States consumes 20 percent to 30 percent of the world's oil, but nobody is saying there is a "U.S. threat," he said.

Likewise, some people claim that China's rapidly expanding motor vehicle ownership is threatening the global oil supply, but the fact is that China only has some 30 million motor vehicles, compared to 300 million in the U.S., he said.

Long accused Westerners of misguiding the world by blaming China for the rise of oil prices in recent years, saying that it is mainly due to the turmoil in the Middle East.

According to him, China's oil strategy should be based on the central government's analysis of the global situation that takes account of both political multipolarization and economic globalization.

Long said cooperation with both oil producing and consuming countries should be an important part of China's oil strategy.

He particularly mentioned cooperation with Japan, which is involved in a dispute with China about East China Sea oil resources.

"China and Japan are both major oil importers. There should be more cooperation between them, rather than competition, in the energy field. They should be partners in a global energy strategy," he said.

Source: Xinhua News Agency

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Russian Export Blend Could Replace Urals Crude As Main Index Setter
Moscow (RIA Novosti) Oct 10, 2006
REBCO, Russia's new export blend crude oil, should replace Urals blend as the basis for calculating supply prices, export duties and mineral extraction tax, a deputy economics minister said Monday. "There is a possibility of shifting from Urals to REBCO in [calculating] mineral extraction tax and export duties in 2008, and of making REBCO Russia's price index," Kirill Androsov told a news conference.







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