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Exclusive-China reserve bureau working on crude oil release -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An oil tanker seen at Qingdao Port in Shandong, China on April 21, 2019 REUTERS/Jason Lee/File Photo

BEIJING (Reuters – China’s state reserve agency said that they are working towards releasing reserves, but declined to comment about a U.S. request for top consuming countries to tap their stockpiles. This is to reduce global energy costs.

When asked about the U.S. request, the National Food and Strategic Reserves Administration said that it would reveal the details to Reuters.

We are completing the work to release crude oil reserves. A spokeswoman for the reserve bureau said that any information related to the release will be posted on their website.

China is the largest oil importer in the world. In September, it held its first auction for state crude oil reserves. This was done to stabilize energy prices.

Beijing had also indicated earlier in the month that it will tap its state fuel resources to contain rising gasoline and diesel prices.

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