KEY POINTS:
China can rely on domestic supplies to meet its increasing demand for energy and won't cause turbulence in global markets, state media quoted the country's top energy official as saying.
The comment was the latest move by Beijing to soothe market concerns that China's thirst for energy to fuel its sizzling economy may result in hefty energy price increases.
Chen Deming, a vice chairman of the National Development and Reform Commission (NDRC), which sets energy policy, was quoted by the official Xinhua news agency as saying that China should not be blamed for international oil price increases.
Chen made the comment in a speech to the Round Table of Asian Energy Ministers, which was held in Riyadh on Wednesday, Xinhua said.
"In the future, China can continue to address the energy supply issue by increasing domestic supply and improving energy efficiency at home," the report quoted Chen as saying.
He said China had the potential to increase domestic oil and natural gas supplies, in addition to prospects in wind, solar power and biofuels.
But he also said that China had to import crude oil and natural gas as "necessary supplements" to domestic supplies.
Chen said regional instability, speculation by investment funds and natural disasters -- not demand from China -- were major factors underlying oil price increases.
According to official Chinese figures, China imported 39.65 million tonnes of crude oil in the first quarter of this year, an increase of 6.7 per cent compared with the same period last year.
- REUTERS
