Source: CCTV.com

12-14-2007 11:32

Special Report:   3rd China-U.S. SED

China and the United States, two of the world's largest consumers of oil, have agreed to cooperate on the use of their strategic petroleum reserves as they wound up a high-level economic dialogue on Thursday.

A joint statement by the two parties says, coordinated use of strategic petroleum reserves increases energy security for net oil-importing countries during times of significant supply disruption.

The announcement came as world crude prices remained near recent highs. US crude-oil futures surged to 94 US dollars per barrel on Wednesday in New York, the highest level in about two weeks, after news of a fall in U.S. crude oil inventories. Imports accounted for 66 percent of US domestic petroleum consumption last year, while the figure for China was 47 percent, which became a net importer of oil during the 1990s as its economy took off.

 

Editor:Xiong Qu