China is also ready to release oil from its strategic reserves

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China will release some crude oil from its strategic reserves, following the US call a few days ago for joint action in this area, in order to de-escalate energy costs internationally.

The two presidents, Xi Jinping and Joe Biden, respectively, discussed the benefits of such a move in a teleconference on Monday, declaring Beijing a victory for the US campaign to cut international prices. Washington has approached, with the exception of China, India and South Korea for similar moves, as the OPEC + cartel, led by Saudi Arabia and Russia, has refused to increase production as demanded by the Americans. Bloomberg agency.

International oil prices have soared by more than 50% since the beginning of 2021, contributing significantly to rising inflation as the international economy recovers from the shock of the Covid-19 pandemic.

Gasoline prices are reaching historically high levels in some parts of the United States, and the US government is looking for solutions beyond the release of strategic crude stockpiles. President Biden also ordered the Federal Trade Commission to investigate possible market manipulation.

China, which imports about 10 million barrels of crude a day this year, is struggling with a general lack of energy at home, which has led to restrictions on electricity use by businesses and households.

As of September, China has been auctioning off quantities of crude from its strategic reserves, namely 7.4 million barrels.

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Source From: Capital

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