China to start filling oil reserve by year-end

China will begin filling its newly built strategic oil reserves by the end of this year, a top economic planner said on Monday. This means several months respite from worries about the impact of the extra demand on markets.

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But Ma Kai, head of the policy-setting National Development and Reform Commission (NDRC), also said another three reserve facilities were not expected to be in operation until 2007 or 2008, suggesting China was not rushing ahead with further expansion plans. Oil traders have been anxious for news on the reserves, which may drive up demand for imported crude and add strain to a global market already struggling to meet demand. Analysts said the year-end target could help calm worries.

Financial Express