Economy

China to release enough emergency oil reserves to meet its own needs

It is unclear whether China's confirmed strategic reserve sale is in response to recent US call to maintain adequate supply

Sibel Morrow   | 24.11.2021
China to release enough emergency oil reserves to meet its own needs

ANKARA 

China will release enough oil to meet the country's needs from its strategic reserves, a foreign ministry spokesman said without commenting on the country’s role in the US-led initiative of a coordinated emergency stock sale from major oil consumers, according to international media reports on Wednesday.

Speaking at a press conference, Zhao Lijian said "the Chinese side will organize a release of crude oil from state reserves according to its own actual needs," adding that details of the sale would be publicized as soon as possible.

His remarks came one day after US President Joe Biden announced his much-expected oil sale from the Strategic Petroleum Reserves (SPR) to provide additional market supply and lower crude prices.

The US Department of Energy will release 50 million barrels of oil from the SPR, the largest petroleum stockpile in the world used for emergencies.

While 32 million barrels will be exchanged over the next several months, 18 million barrels will be accelerated from a previously authorized sale by Congress, according to the White House.

The move is a coordinated effort, a first of its kind, along with other major energy-consuming nations, including China, India, Japan, the Republic of Korea and the UK "to maintain adequate supply as we exit the pandemic," the White House said.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
Related topics
Bu haberi paylaşın