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Last updated at: (Beijing Time) Saturday, March 22, 2003

Oil Price Remains Stable in China despite War

"The breaking out of war has not caused a rise in the price of oil, but we are still worried," said Lin Fang, a Beijing taxi driver.


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"The breaking out of war has not caused a rise in the price of oil, but we are still worried," said Lin Fang, a Beijing taxi driver.

On the first day of war, to the contrary, the oil price continued to reduce in the world.

Experts attributed this to a statement by the Organization of Petroleum Exporting Countries (OPEC) assuring that it would try to solve possible oil shortage in the event of war.

In recent years, oil consumption in China has kept increasing, along with importing. China has become one of the largest oil importing countries in the world.

The price of oil in China is connected with that of the world, so for millions of Chinese car owners, the war also means a possible higher price of oil.

"The rise of the oil price in 2000 made me go back to taking the subway," said Du Jianzhong, an employee of the Huatai Property Insurance Company.

The rise of oil cost will also affect aviation and other industries.

Luo Cong, an employee with the aviation industry, said that if the oil price rises, it will increase management costs and also reduce the number of airline passengers.

Iraq is not the main source of China's oil imports, so the influence will be felt here less. But establishing an oil reserve system in China is urgent, said an official with the China International Oil Chemical Joint Company.

Experts also suggest China explore new and clean energy in order to reduce dependence on oil.


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