Beijing says will release reserves as per needs, oil producers to meet Dec. 2China, the world’s largest crude importer, was non-committal about its intentions to release oil from its reserves on a request from the United States, while OPEC producers were not mulling changing tactics in light of the U.S. action, said three sources in the group. On Tuesday, U.S. President Joe Biden’s administration announced plans to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, Japan and India, to try to cool prices. The U.S. has made the largest commitment for a reserves release at 50 million barrels of pre-approved sales along with loans to the market, but without China, the action is considered less dramatic. On Wednesday, China said it was working on its own reserves release. Fuel demand reboundsFuel demand cratered early in the COVID-19 pandemic but has come roaring back this year, and oil prices have surged.

Source: The Hindu November 25, 2021 19:26 UTC