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Reuters

China so far non-committal to Washington’s oil release, OPEC+ unmoved

BEIJING/LONDON/MOSCOW/WASHINGTON (Reuters) -China, the world’s largest crude importer, was non-committal about its intentions to release oil from its reserves as requested by the United States, while OPEC producers were not considering changing tactics in light of the U.S. action, according to three sources in the group. On Tuesday, U.S. President Joe Biden’s administration announced plans to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, Japan and India, to try to cool prices. The United States has made the largest commitment for a reserves release at 50 million barrels of pre-approved sales along with loans to the market, but without China, the action is considered less dramatic.

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