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China wants to tap oil reserves – US urges concerted action

China wants to take action against rising oil prices and plans to tap state oil reserves.

Briefly essentials

  • As energy prices rise, China wants to tap the state’s oil reserves.
  • The United States, meanwhile, supports an integrated approach.

China is preparing to face High energy prices Tapping state oil reserves. “We are working on releasing crude oil reserves,” a spokesman for Competent Authority told Reuters on Thursday. At the same time, he announced that he would announce about this later.

The world’s largest oil importer last hit state reserves in September. 7.38 million barrels were auctioned off to domestic refineries.

The United States wants to reduce oil prices with a holistic approach

The People’s Republic has kept the size of its strategic reserves secret. In the last general renewal in 2019, the National Energy Administration announced that the country had oil reserves lasting 80 days. Consulting firm Energy China’s reserves earlier this year were estimated to hold about 220 million barrels of crude oil, representing a 15-day demand.

Die US-Government According to Reuters, it has talked to other important countries about tapping parts of their respective oil reserves. Would be the purpose of such an integrated approach Oil prices Push down and stimulate economic growth. Many who are well aware of this matter have said.

Oil reserves: Biden did not comment on the content of the discussions

Accordingly, the talks have been held in recent weeks with countries including Japan, South Korea, India and China. They are not locked. No final decision has been made on whether action will be taken to further impact oil prices.

The US Office of the President did not want to comment on the content of the repeated confirmed discussions with other major energy consuming countries. President Joe Biden It was Funding Cartel OPEC It has also repeatedly called for the rapid expansion of oil production by allies such as Russia.

Brent oil prices have risen 69 percent this year due to the global economic recovery. On Thursday he gave 0.4 percent to those under 80 years of age Dollar A barrel of crude oil.

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