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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (16455)	11/21/2004 6:02:02 PM
From: Jill	Respond to of 116555

Thanx for that link, Russ.

To: russwinter who wrote (16455)	11/21/2004 7:15:14 PM
From: RealMuLan	Respond to of 116555

>>Chinese are just starting the fill their SPR.<< Russ, China has started their SPR from early 2003, although Chinese officials have never openly admitted<g>. Those SPR is under each state-owned oil companies name, but owned by the state. The national SPR base is still under the construction now. JP Morgan estimated that China already had as many as 285 million BBL SPR by the end of 2003. And this year, they will add an additional of 85 million BBL. Reuters did some calculation for the 6 months period (Jan.-June, 2004): China's oil imports + domestic oil production - refinary production = 9.6 million tons (about 70 million BBL). So they think China add that much in their SPR.