China Agreed with U.S. Last Year on Releasing Strategic Reserve of Crude Oil Around Lunar New Year

Late last year China agreed with United States to release crude oil from its national strategic stockpiles around the Lunar New Year holidays that starts on February 1, as part of U.S. lead initiative to reduce global prices, according to sources of Reuters.

Reuters noted China agreed in late 2021 to release an unspecified amount of oil depending on price levels.