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| 12/12/2005 17:54 We assume Gazprom could reach at least 190 Rubel as market profit-taking comes to an end.
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| 12/13/2005 09:50 Oil up several dollars since last week and more than a dollar since yesterday
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| 12/13/2005 10:06 China might import oil to help fill its planned strategic petroleum reserve, and should consider a rapid building up in commercially held refined oil stockpiles, Chinese officials said Thursday.
The remarks represent a significant change in oil policy, at a time when global oil markets are already strained due to a tight oil supply-demand balance and when high oil prices are threatening economic stability.
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| 12/13/2005 10:07 Up to now China's energy officials had publicly ruled out pouring imported oil into China's still-empty storage tanks, saying these should be filled from domestically produced oil, or perhaps with crude pumped abroad from reserves owned by Chinese oil majors.
Another official said Thursday that China should move quickly to expand commercially held reserves of refined oil products as a way of reducing risk and alleviating tight supply.
Wang Xiaochuan, vice director of the Commerce Ministry's department of commercial reform and development, said the ministry is still researching the issue, but based on studies so far, China could use at most 20% of its oil product sales to put toward reserves.
If realized, the import of crude for stockpiling, and a buildup in commercial oil product stocks, will further tighten global oil supply.
Earlier Thursday, China's Customs department announced that imports of crude soared in October by an eye-popping 21.3%, bring the 10-month crude oil import growth to 5.7%.
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| 12/13/2005 10:09 The statement on strategic stocks comes in sharp contrast to remarks from other senior China officials, including National Development and Reform Commission Vice Chairman Zhang Guobao, who in September said China wouldn't buy oil from the international market to put into its reserves.
China, Asia's No. 1 oil consumer and importer, is due to complete the construction of giant storage facilities in the coastal city of Zhenhai any time soon. This facility has storage tanks with a total capacity of more than 2 million metric tons.
This is a small part of a plan to hold as much as 14 million tons in reserve - the equivalent of nearly 30 days of current national consumption.
The Zhenhai facilities are being built on one of two sites in Zhejiang province earmarked to house strategic reserves.
Four storage facilities - including one each in Dalian and Shandong provinces - are planned, with completion due by the end of this decade.
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| 12/13/2005 10:23 Oil is up 4 dollars in 10 days from friday before last
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| 12/13/2005 10:42 190 today?
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| 12/13/2005 10:48 Nice try to scare off nervous traders..
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| 12/13/2005 10:54 Good news for Gazprom!
Mr Schrцder has confirmed that he will become chairman of state-controlled Russian giant Gazprom's North European pipeline company.
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