“China agrees with US to release oil stockpiles ahead of Lunar New Year”

Reuters reports citing sources… The size of the emission will be decided according to the oil price

Chinese President Xi Jinping [이미지출처=연합뉴스]

湲 蹂肄

[아시아경제 이혜영 기자] Reuters reported on the 14th (local time) that China has reached an agreement with the United States to release strategic oil reserves around the Lunar New Year holiday to stabilize international oil prices.

According to Reuters, multiple unnamed sources said China reached an agreement with the US at the end of last year to release an unspecified amount of oil based on international oil price levels.

A source said, “China has decided to release a relatively large amount when the price of oil exceeds $85 per barrel, and a small amount when it is around $75 per barrel.”

The release date is expected to be around the Lunar New Year, according to sources. The Chinese New Year holiday this year runs from the 31st to the 6th of the following month. However, China’s national aquaculture stockpile has not yet commented on the question, Reuters reported.

This measure is a part of international oil price stabilization cooperation among major oil consuming countries led by the United States. In November last year, President Joe Biden ordered the release of 50 million barrels of oil from the oil stockpile after oil prices soared amid inflationary pressures. India, Japan and South Korea also participated in the release of oil reserves.

China’s Foreign Ministry spokeswoman Zhao Lijian (趙立堅) said at the time that “China will arrange the release of oil stockpiles according to the actual situation and demand.”

Later, Hong Kong’s South China Morning Post (SCMP) reported that plans for a meeting between the U.S. and China energy ministers were being discussed in December last year regarding the release of oil reserves.

China has not disclosed the size of its oil reserves since 2019, and is estimated to be around 220 million barrels (full full moon).

In September last year, China sold its crude oil reserves to the private sector for the first time in history by auction, citing the needs of its industry.

Oil prices rebounded due to supply disruptions in Libya and Kazakhstan, oil producing countries, a decrease in US crude inventories, and the prospect of an increase in fuel demand in Europe following the easing of restrictions on COVID-19, Reuters reported. On this day, the prices of West Texas Intermediate (WTI) and Brent crude were in the 82-dollar range and the 84-dollar range, respectively.


Reporter Lee Hye-young [email protected]


Source: 아시아경제신문 실시간 속보 by www.asiae.co.kr.

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