Beijing’s desire for a Saudi-fed strategic oil reserve in China underlines the Asian nation’s drive to secure crude supplies amid rocketing energy prices, analysts here said. However, they added that any deal between the two nations was unlikely to put pressure on global crude inventories. Chinese President Hu Jintao discussed a proposal to set up an oil stockpile in China during a weekend visit to Saudi Arabia, a Chinese official said Sunday. China plans to fill the first of its strategic oil reserve facilities by the year end, a senior planning official said in March, adding that three other reserves would be ready in 2007-2008. China had planned to begin accumulating oil reserves, which are to be used in the event of an emergency, last year. However with oil prices soaring to record high points — New York crude matched its record high of 75.35 dollars per barrel on Monday — China has been forced to delay its plan by almost two years. China knows it cannot delay for ever with its energy demand accelerating owing to the country’s economic boom. Consumption of oil in China is forecast to jump 6.0 percent this year […]