China agrees with US to free up oil reserves, sources say – Money Times

A China Will publish Petroleum As part of an integrated plan of their national strategic reserves around the lunar New Year holiday beginning on February 1st To us Sources said that global prices should be reduced along with other major consumers Reuters.

Evidence of negotiations between the world’s two largest oil consumers suggests that China agreed in late 2021 to release unspecified quantities of oil in terms of price.

One source did not elaborate, saying, “China has agreed to release a relatively large amount of oil if it is more than $ 85 a barrel, and a small amount if the oil is close to $ 75.”

Brent oil prices were above $ 85 a barrel on Friday.

Sources said China’s oil reserves will be released in the lunar new year. China will be closed for the biggest annual holiday from January 31 to February 6.

China’s national administration for food and strategic reserves did not immediately respond to a request for comment.

China’s agreed stock issue is the result of a series of discussions with Reuters in November, the government பிடன் Conducted with other major oil consumers after tight distribution, global oil prices peaked for several years.