China is seeking to replenish its strategic crude stockpiles with cheap Russian oil, a sign Beijing is strengthening its energy ties with Moscow just as Europe works toward banning imports due to the war in Ukraine.
China has no immediate plan to intervene in oil markets following Russia’s invasion of Ukraine, according to the foreign ministry.
Oil was steady in Asia after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year.
Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday, according to people familiar with the plan.
Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.
Dwindling inventories and concerns over energy security in key Asian economies may hamstring US efforts to arrange for a sizeable and coordinated release of strategic crude reserves in a bid to rein in prices and tackle inflation.
China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices.
ExxonMobil is tapping the US Strategic Petroleum Reserve to revive gasoline production in Louisiana after Hurricane Ida left much of the devastated state’s refining and oil production offline.