China sells oil from strategic reserves to contain price increases

China began supplying oil from strategic state reserves to the country’s largest refiners to contain rising prices, Bloomberg reported, citing knowledgeable sources.

In total, according to sources, about 3 million tons (22 million barrels) of oil were sold from reserves this month.

Oil supplies from strategic reserves should weaken the demand for imported raw materials in the PRC, which is expected to help the country’s authorities reduce the risk of further escalating inflation.

Such actions by Beijing may become a deterrent for the oil market, which is also under pressure from the growing incidence of COVID-19 in the world due to the spread of the delta strain, experts say.

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