March 08, 2010

China Reaches Peak Oil with Call for Bigger Strategic Reserves

Chinese oil production has essentially peaked and the country's strategic reserve is insufficient according to National People's Congress delegate Chen Geng. Geng is a former executive of state-owned China National Petroleum Corp. China is one of the top oil producers in the world at just under 4 million barrels per day. Data of the International Energy Agency shows production increasing around 3% a year over the medium term but long term forecasts show the share of imported oil increasing much faster. Chinese press reporting from the Congress session say there are calls to greatly increase the strategic oil reserves currently targeted at 170 million barrels. By contrast the USA has almost 700 million barrels stored in salt caverns around the country....

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