A spokesman for China’s State Administration of Grain and Food and Stockpiling said on the 18th, “We are working toward the release of oil reserves.” He declined to comment on whether it was related to the release request to the US oil consuming countries.
“Details will be announced on the website,” the spokesman told Reuters.
China is the world’s largest oil importer. The strategic petroleum reserve was released for the first time in September to stabilize energy prices. Approximately 7.38 million barrels were sold to some domestic refineries through open bidding.
“China has its own plans for the release of strategic oil reserves. The second release will be as large as the first,” said an analyst at SIA Energy (Beijing).
However, he pointed out that the scale is small and does not affect the stockpile of China or the cost of refineries.
China has not disclosed its strategic oil reserves. The last announcement was in 2019, which was 80 days of demand including national stockpiling, oil companies and commercial tank inventories.
Energy Aspects estimates that it holds about 220 million barrels of crude oil, the equivalent of 15 days.
William Douglas has worked as financial analyst until his retirement. He is a well-known research director and portfolio manager for more than 5 years. After many years in the market, he dedicated all his time to write articles highlighting different financial problems.
William holds a postgraduate degree in Software Engineering. ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ William is a share market expert, being personally invested for over 6 years. He believes the most valuable nugget of wisdom for new investors is a quote from Phillip Fisher. He has been writing his entire life, and while he has made a career of business and finance reporting, he still enjoys writing short stories and poetry.
Address: 2022 Smith Road, Atlanta, Georgia
The North Atlantic Treaty Organization (NATO) held a video conference-style foreign ministers' meeting on the…
-Intel INTC.O CEO Pat Gelsinger said on Thursday that the company will invest more than US$7…
Investment bank UBS issued a report estimated that the Chinese real estate company Shimao Group 0813.HK ,…
The US Pfizer announced on the 22nd that it has confirmed a strong long-term immune…
Amazon.com announced on the 17th that it will stop accepting credit cards for visas issued…