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Exclusive-China agreed with U.S. on oil reserves release near Lunar New Year

by Mike Robinson

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© Reuters. FILE PHOTO A maze of crude-oil pipes and valves was pictured on a Department of Energy tour at the Strategic Petroleum Reserve, Freeport, Texas. U.S.A, June 9, 2016. REUTERS/Richard Carson/File Photo

(Reuters). Sources tell Reuters that China reached an agreement with the United States to let go of its national strategic stocks around Lunar New Year, Feb. 1, as part a U.S. initiated plan to lower global prices.

Sources who were aware of the discussions between two of the largest crude oil consumers in the world said that China had agreed to release some unspecified amounts of oil depending upon the price level.

China’s National Food and Strategic Reserves Administration declined to immediately respond to our request.

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