Victor said it would be extremely difficult for any one country to manipulate a global commodity market such as oil. But he added that there were mixed opinions about China's energy policies in Central Asian and Africa. Dong said some countries, including the United States, which rely heavily on oil, are not happy to share global energy resources with China as a newcomer to the oil market.

China now is concentrating on exploring domestic energy sources and investing more money in finding more oil at home, Pang said. The country expects its oil production to hit 200 million tons a year by 2010. But in recent years, China has acted boldly to develop and experiment with renewable and alternative energy sources. The government has an energy-conservation policy that puts saving energy and reducing emissions at the top of its national agenda. This, to a large extent, downplays the country's dependence on fossil fuels, Pang said.

"It is unfair for Western countries to reproach China's energy policy," Pang said, because Central Asia is geographically adjacent to China, and it is convenient and economical for China to transport oil from there. The mutually beneficial practice guarantees regional energy security, which is the basis of global energy security. Also, investing in Central Asia and Africa is part of the "going global" strategy of some large Chinese companies. But with only 10 years of experience with this global strategy, China still lags far behind Western countries that have been importing and exporting oil for more than 100 years.

Cooperation

Dong said although China was not a member of the IEA or other international energy organizations, it was frequently mentioned at many summits and symposiums-evidence of the country's role as a growing force in the global economy. He also said China needs to work more closely with the IEA to facilitate further communication, introduce its energy policy, show its resolve in developing renewable energy, share sophisticated energy technology and enhance energy efficiency.

So far, China has participated in several dialogues with the IEA. In 1996, the two signed the bilateral Memorandum of Policy Understanding in the Field of Energy to strengthen their cooperation in energy conservation, efficiency, investment, trade and supplies, and environmental protection. In 2001, a joint China-IEA Workshop on Emergency Oil Stock Issues was held, in which they shared their experiences in the construction, maintenance and use of oil reserves.

Last December, for the first time ever, the IEA invited Chinese delegates to attend "Committee Week," which focused on emergency response preparedness, the outlook for oil, energy technology collaboration and energy efficiency measures. It underscored the decision of China and the IEA to work together for clean and reliable energy for the future and overcome global challenges.

In addition, China and the IEA reached an agreement to collaborate on data collection and transparency in strategic oil reserves. China will participate in the IEA's emergency response exercise in late June, which will be a further step in identifying closer engagement in the future.

In the long run, Dong said he anticipates China and the IEA to improve their dialogue mechanism and work more closely together in these areas.

Pang said that China's cooperation with the IEA in energy conservation, environmental protection and climate change technology could deliver impressive benefits to the world at large. As a country that adheres to an independent oil policy, China could conduct more bilateral and multilateral cooperation and constructive dialogues in the energy field, he said.

(With reporting by Wang Yanjuan and Chen Wen in New York)

About the IEA The International Energy Agency (IEA) is a Paris-based intergovernmental organization founded by the Organization for Economic Cooperation and Development in 1974 in the wake of the oil crisis. It encompasses 27 member countries. The IEA was initially dedicated to preventing disruptions in the supply of oil, as well as acting as an information source on statistics about the international oil market and other energy sectors. Recently, the organization has expanded their mandate to include energy security, economic development and environmental protection. It has a role in promoting and developing alternate energy sources, rational energy policies and multinational energy technology cooperation. IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of net imports. At the end of June 2007, IEA member countries held a combined stockpile of almost 4.1 billion barrels of oil, 1.5 billion of which are under government control for emergency use. Source: en.wikipedia.org