China's National Development and Reform Commission has reportedly convened representatives from China National Petroleum Corporation and China Petrochemical Corporation to discuss the oil market supply and demand following the rise of international oil prices and to study ways to further maintain the domestic oil supply.
Following the dramatic increase of international oil prices, China adjusted the prices of gasoline, diesel oil and aviation kerosene on November 1, which has greatly reduced the negative effect of the oil price rise for Chinese market. In the meantime, the two oil giants CNPC and Sinopec have actively organized their resources and rearranged their production, enlarged their product input to the market and played an important role in stablizing the domestic oil supply. The two companies say that they will take further measures to ensure the stability of the finished oil market.
The measures they are going to take include reasonably arranging their production and increasing the turnout of finished oil; organizing resources through multiple channels and increasing the supply of diesel oil; strengthening planning and balancing resources; and rationally arranging market input.
