There Will Be No Oil Crisis: China

China's economic planners ruled out the possibility of an oil crisis in China, days after an oil shortage boxed up the booming Guangdong Province, Xinhua agency reported.

Li Yang, a senior official at the National Development and Reform Commission, said that China's current production, consumption, stockpiles, imports and exports of oil products are well balanced in general, and sufficient supply has been guaranteed.

During a weekend interview with Xinhua, Li ruled out the possibility of an oil products crisis in the country, saying the recent insufficient supply in some parts of southern China resulted from natural disasters and an international oil price hike.

"The government has taken urgent measures, and the insufficient supply problem in the province will soon be alleviated," Li said.