Exchange Database
China, U.S. to cooperate on strategic oil reserves
China and the United States have signed a preliminary agreement to cooperate on strategic petroleum reserves (SPR) marking the first such effort between the world's top two oil consumers. The International Energy Agency (IEA), the energy watchdog for developed nations, has long pushed for China to be more transparent in sharing its stockpile data, even though China is not an IEA member. Both the government and oil firms have guarded the details on stock levels amid worries that giving away data would put China at a disadvantage in the market.
Outcomes:
The agencies will hold annual technical meetings held alternately in each of the two countries. The U.S. Energy Department and NEA will share information on technical, management and policy issues related to oil stockpiles. Ensuring a sufficient emergency oil stockpile means more to China after it surpassed the United States late last year as the world's largest net oil importer. Overseas purchases help meet around 57 percent of China's total crude oil requirement. China aims to eventually meet the OECD standard of stockpiling enough to cover 90 days of net oil imports.
Government?:
Yes
Type of Exchange:
business
diplomatic
Partners:
U.S. Energy Department
China's National Energy Administration (NEA)
Participants (Types):
government officials
Exchange Date:
Friday, July 11, 2014
Continuing:
No
Level of Government:
national
Location:
Beijing, China
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