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China Releasing Some Oil From Strategic Reserves After U.S. Invite

  • Spokeswoman for government department handling sale comments
  • Biden, Xi had discussed merits of joint SPR sale this week
Bloomberg business news
China Releasing Oil From Strategic Reserves
Updated on

China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs.

U.S. President Joe Biden and Chinese President Xi Jinping had discussed the merits of releasing oil from strategic reserves during their virtual summit this week, and Beijing’s decision will be seen as a win in Washington’s campaign to bring down prices. The administration has been lobbying Asian nations including China, India, Japan and South Korea to release reserves after OPEC+ rebuffed pressure from Biden to pump more crude.