uh, this sounds ALARMING. -vmann
----- Original Message -----
From: Gold Anti-Trust Action Committee
To: [EMAIL PROTECTED]
Sent: Monday, December 04, 2006 7:21 PM
Subject: [GATA] China seeks direct talks with OPEC
China seeks direct talks with OPEC
Submitted by cpowell on 05:21PM ET Monday, December 4, 2006. Section: Daily
Dispatches
By Jim Krane
Associated Press
Monday, December 4, 2006
http://news.yahoo.com/s/ap/20061204/ap_on_bi_ge/china_opec
DUBAI -- China wants to start direct negotiations with OPEC to secure a stable
oil supply and an equitable share of the oil market, a top official said here
Monday in comments that underline the Chinese economy's rapidly growing energy
needs.
Zhai Jun, China's assistant minister of foreign affairs, told conference
participants in Dubai that his country was trying to develop "a negotiating
mechanism with OPEC."
"Only through this can we maintain security and stability of our oil imports,"
Zhai said in a speech to the Arab Strategy Forum here.
Soaring demand for oil in rapidly industrializing China has been blamed as one
of the chief causes for oil prices that have spiraled higher over the past two
years. China is the world's third largest importer, behind Japan and the United
States.
Zhai, speaking in Chinese, appeared to refer to another cause for higher prices
-- instability in oil producing countries like Iraq and Nigeria -- when he said
China wants to step up efforts to end strife that destabilized the oil
marketplace.
"We need to eliminate these hot spot issues," he said.
China is an increasingly big consumer of raw materials and has been seeking a
greater voice in pricing of several commodities. The country, which Zhai said
imports six percent of the crude traded globally, has been setting up strategic
oil reserves and aggressively seeking new suppliers in Africa and South America
to help diversify its crude supply. Zhai termed it the "global race for energy."
"China's influence is growing in the Arab world," he said.
He said the Asian giant was opening its energy sector to outside investment and
looking to cooperate with foreign partners across its oil sector. Zhai said the
country was looking for more formal ties with the Organization of Petroleum
Exporting Countries, but didn't elaborate.
"Currently we're making preparations to establish a dialogue mechanism with oil
producers," the Chinese diplomat said. "We want to participate as much as
possible in some of the big decision processes on the world stage."
During a visit by OPEC president Sheik Ahmad Fahad Al Ahmad Al-Sabah to China
last year, the two sides discussed "institutionalizing" a dialogue,
acknowledging China's increasing importance as an importer of oil and gas.
China imported 3.1 million barrels a day of crude oil in 2005, and consumed 6.9
million barrels a day, according to U.S. Energy Department data.
The Arab Strategy Forum that lasts through Wednesday brings together business,
academic and political leaders from around the world to discuss development and
political issues of global interest.
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Ted Butler silver commentary archive:
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Blanchard & Co. Inc.
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Centennial Precious Metals
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Don Stott, Proprietor
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Harvey Gordin, President
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Kitco
178 West Service Road
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Toll Free:1-877-775-4826
Fax: 518-298-3457
and
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Lone Star Silver Exchange
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MRCS Canada
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Richard Nachbar Rare Coins
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[EMAIL PROTECTED]
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
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Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
[EMAIL PROTECTED]
The Moneychanger
Box 178
Westpoint, Tennessee 38486
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Franklin Sanders
1-888-218-9226, 931-766-6066
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