Compulsory oil reserve system to be established

China will launch a compulsory reserve system for crude and processed oil to secure a steady supply, an official from the Ministry of Commerce (MOC) said recently.

CNPC and Sinopec's control of the wholesale market will be reshuffled after the opening of the market. State-owned, multinational and private domestic oil companies will all get involved in the market.

Furthermore, the MOC will establish a system to monitor and forecast the domestic and international market to ensure the country stays abreast of any developments.

By People's Daily Online