On December 18, the National Petroleum Reserve Center was officially established by the National Development and Reform Commission (NDRC). This new agency operates independently from the Energy Development Bureau under the NDRC and is directly affiliated with the commission. The creation of this center marks a significant step in China’s efforts to strengthen its oil reserve management system.
According to reports, the National Petroleum Reserve Center serves as the operational body within China's oil reserve framework. Its primary objective is to safeguard national economic security by ensuring a stable supply of oil. The center is responsible for managing the construction and operation of national oil reserve bases, overseeing strategic petroleum reserves, and handling tasks such as procurement, storage, rotation, and utilization of oil. It also monitors domestic and international oil market trends to better anticipate and respond to supply and demand fluctuations.
The NDRC emphasized that the establishment of the National Petroleum Reserve Center has enhanced the country's capacity to manage oil reserves more efficiently. It has clarified the administrative structure, promoted professionalization and standardization in the sector, and laid the foundation for a more robust and systematic approach to oil reserve management. By improving the framework for strategic oil reserves, the center is expected to play a crucial role in ensuring energy security and stabilizing the oil market in the long term.
This development reflects China’s growing commitment to securing its energy resources and maintaining economic stability in an increasingly complex global environment.
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