Only OECD members, most of which are rich countries, can join the IEA in principle. The IEA Agreement on International Energy Program requires member countries to maintain oil reserves equivalent to at least 90 days of the amount of their net imports from the previous calendar year, so that they can release them collectively whenever a crisis or other emergency disrupts global oil supplies.

China is not a member of the OECD. Although only full-fledged OECD members can join the IEA, some kind of special membership deal for China could be "relatively easy" to work out, Victor said.

"Technically speaking, China, as a developing country, is far from the membership of the IEA with its oil strategic reserves merely meeting a month's imports-a sharp contrast to the 120-day oil stocks in the United States," Pang said.

If China considered joining the IEA, the organization would have to modify its requirements for the country's oil reserves, because China could not meet the current one in a short amount of time, Pang said. Also, the buildup of the reserve tanks would inevitably drive up the price of oil, which is the last thing the IEA wants, he said.

Energy policy

Because China is not legally bound to the IEA's policies, some analysts question whether the country would use its huge oil stockpiles to manipulate the market in its favor. The concern is understandable, Dong said.

"But China has promised that it would only release the strategic reserves in times of emergency, just as it released 49,000 barrels of fuel from its strategic petroleum reserves after the catastrophic earthquake happened on May 12," Dong said.

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