China tipped to follow US’ lead on releasing crude oilReutersChina will release crude oil from its national strategic stockpiles around the Lunar New Year holiday, which starts on Feb. 1, as part of a plan coordinated by the US with other major consumers to reduce global prices, sources told reporters. The sources, who have knowledge of talks between the world’s top two crude consumers, said China agreed late last year to release an unspecified amount of oil depending on price levels. A crude oil tanker is pictured at Qingdao Port in China’s Shandong Province on April 21, 2019. China in September conducted its first-ever public crude reserves auction of about 7.4 million barrels, about half a day’s consumption in the country. Benchmark Brent crude futures was at US$84.79 a barrel and US West Texas Intermediate crude at US$82.23 a barrel at 7:30am GMT.

Source: Taipei Times January 14, 2022 23:28 UTC