Reuters exclusively reports China agrees with U.S. to release oil reserves near Lunar New Year

Reuters exclusively reported that China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on Feb. 1, as part of a plan coordinated by the United States with other major consumers to reduce global prices. The sources, who have knowledge of talks between the world’s top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels. China’s release had been pending following the agreement, first reported by Reuters in November, between top oil-consuming countries to sell oil from strategic reserves.