Increase China's oil reserves, whether it can “hide oil to the people� The debate on this topic has been endless. Supporters believe that “storage of oil to the people†saves both national financial resources and market mechanism. Opponents are worried that the high cost of oil reserves, the high risk of oil price volatility, or the non-normal private enterprises can bear, and there is also corporate accumulation. Crude oil, disturbing the market's hidden concerns.
According to statistics, commercial petroleum companies, non-governmental organizations, etc. occupy a significant share of the oil reserves in Europe, the United States, Japan, and South Korea. As of 2009, government reserves accounted for only one-third of the U.S. oil reserves, and the rest were for corporate reserves; Germany implemented the “alliance reserve†mechanism, and the ratio of official coalition stocks, government reserves, and private reserves was 57:17:26. Japan’s private reserves reached 77 days, accounting for 46.4% of the country’s total reserves.
Therefore, the view of supporting “storage of oil to the people†holds that the cost of oil reserves is huge, and government finance alone cannot meet the demand. Reference can be made to the experience of countries in Europe, America, Japan, and other countries to encourage more private funds and corporate funds to participate in oil reserves and market development. The role of the mechanism to save the country's financial input. At the same time, the state can also give companies some policy benefits in return.
“The essence of 'storage of oil to the people' is to open the oil reserve market to private enterprises. The advantage of this approach is that it not only increases oil reserves but also reduces the government’s fiscal expenditure, which can not only stabilize the oil market supply but also increase employment. Zhou Xiujie, a researcher in the energy industry of China Investment Advisors, said.
However, there are also some hidden concerns about “storage of oil to the peopleâ€. Higher costs and greater risks have also become a threshold for private enterprises to enter the oil reserve sector.
First, under the market operation that is not regulated, some companies may accumulate crude oil and disrupt the market order. According to industry insiders, some of the companies that claim to participate in oil reserves may not be worried about their national interests, but want to enter the oil transportation process, gain market access qualifications, and even do some speculation. "Be wary of oil reserves as a tool for some companies to make money," said the person in the industry.
Second, the cost of oil reserves is high. The oil depots of general enterprises are not strategic oil depots, and the design level is about 14-20 days. To carry out strategic oil reserves, storage tank construction and storage costs will be much higher than normal inventory.
In addition, the fluctuation of the international oil price is intensifying. If the crude oil is misjudged, the large amount of crude oil that is stored may depreciate quickly, and such loss is not something that ordinary companies can afford.
Another person in the industry believes that "the possession of oil in the people" involves the country's liberalization of the right to import crude oil. The current policy orientation is more cautious for liberalizing crude oil import rights, and it is not easy to realize.
"The real strategic reserve of petroleum is very costly, and it is very likely to become a losing trade. If private enterprises want to participate, they must consider whether they have such a risk tolerance ability." Vice Chairman of the China Energy Research Association and Director of the Energy Economics Committee The committee member pointed out on a large scale.
“The company’s oil business reserves are equivalent to a warehouse in the company. It can provide supply protection in emergencies, and to a certain extent, it can supplement the strategic reserves.†Zhou Dadi pointed out that foreign countries in order to increase the number of countries Oil reserves will require companies to prepare a certain amount of commercial reserves. "But if the state requires more strategic business reserves than the 'inventory' required for normal supply, some policies will be needed to supplement the company's costs."
According to statistics, commercial petroleum companies, non-governmental organizations, etc. occupy a significant share of the oil reserves in Europe, the United States, Japan, and South Korea. As of 2009, government reserves accounted for only one-third of the U.S. oil reserves, and the rest were for corporate reserves; Germany implemented the “alliance reserve†mechanism, and the ratio of official coalition stocks, government reserves, and private reserves was 57:17:26. Japan’s private reserves reached 77 days, accounting for 46.4% of the country’s total reserves.
Therefore, the view of supporting “storage of oil to the people†holds that the cost of oil reserves is huge, and government finance alone cannot meet the demand. Reference can be made to the experience of countries in Europe, America, Japan, and other countries to encourage more private funds and corporate funds to participate in oil reserves and market development. The role of the mechanism to save the country's financial input. At the same time, the state can also give companies some policy benefits in return.
“The essence of 'storage of oil to the people' is to open the oil reserve market to private enterprises. The advantage of this approach is that it not only increases oil reserves but also reduces the government’s fiscal expenditure, which can not only stabilize the oil market supply but also increase employment. Zhou Xiujie, a researcher in the energy industry of China Investment Advisors, said.
However, there are also some hidden concerns about “storage of oil to the peopleâ€. Higher costs and greater risks have also become a threshold for private enterprises to enter the oil reserve sector.
First, under the market operation that is not regulated, some companies may accumulate crude oil and disrupt the market order. According to industry insiders, some of the companies that claim to participate in oil reserves may not be worried about their national interests, but want to enter the oil transportation process, gain market access qualifications, and even do some speculation. "Be wary of oil reserves as a tool for some companies to make money," said the person in the industry.
Second, the cost of oil reserves is high. The oil depots of general enterprises are not strategic oil depots, and the design level is about 14-20 days. To carry out strategic oil reserves, storage tank construction and storage costs will be much higher than normal inventory.
In addition, the fluctuation of the international oil price is intensifying. If the crude oil is misjudged, the large amount of crude oil that is stored may depreciate quickly, and such loss is not something that ordinary companies can afford.
Another person in the industry believes that "the possession of oil in the people" involves the country's liberalization of the right to import crude oil. The current policy orientation is more cautious for liberalizing crude oil import rights, and it is not easy to realize.
"The real strategic reserve of petroleum is very costly, and it is very likely to become a losing trade. If private enterprises want to participate, they must consider whether they have such a risk tolerance ability." Vice Chairman of the China Energy Research Association and Director of the Energy Economics Committee The committee member pointed out on a large scale.
“The company’s oil business reserves are equivalent to a warehouse in the company. It can provide supply protection in emergencies, and to a certain extent, it can supplement the strategic reserves.†Zhou Dadi pointed out that foreign countries in order to increase the number of countries Oil reserves will require companies to prepare a certain amount of commercial reserves. "But if the state requires more strategic business reserves than the 'inventory' required for normal supply, some policies will be needed to supplement the company's costs."
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