February Crude Oil Trading

The President requested the US SPR be filled to the 700Mb level and this was reached by August 2005. (Max capacity is 727Mb).

Some 11Mb was loaned out as a result of Katrina, 4.2Mb was returned in Oct/Nov and the remainder will be repaid in Mar/May 2006.

The Chinese are due to complete their first SPR facility in August 2006, it will hold 33Mb, about a third of the total SPR facilities they plan to build.

China's oil demand is forecast to rise by almost 8 percent this year to nearly 7 million barrels per day. 40% of Chaina's oil needs are imported.