Home / Oil & Energy / Oil & Companies News / China might do US a favor to open its crude oil reserves, but will prioritize own interests amid mixed bilateral interactions — Global Times

China might do US a favor to open its crude oil reserves, but will prioritize own interests amid mixed bilateral interactions — Global Times

China might help the US curb soaring oil prices and fears of inflation by releasing its own crude oil reserves as a favor, but the US must return the favor with sincerity in pushing for a better environment for China-US cooperation, particularly by refraining from heaping ungrounded pressure and cracking down on China in areas where they have no need for China’s help, experts said, Global Times reported.

US President Joe Biden announced on Tuesday that the US Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply, according to a White House press release.

The statement also noted that the release will be taken in parallel with other major energy consuming nations including China, India, Japan, South Korea and the UK.

Perplexed by the issue of rising oil prices, which some overseas media have described as one of Biden’s steepest political challenges on top of other plagues, Biden asked China to release crude oil reserves during a virtual meeting he had with Chinese President Xi Jinping recently, according to the South China Morning Post (SCMP).

China has not made a clear announcement yet as to whether it will respond to the US call, but Reuters recently cited certain sources from the National Food and Strategic Reserves Administration – China’s state reserve bureau – as saying it is working to release crude oil reserves, Global Times reported.
Source: The Edge Markets

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