Chinese officials: Beijing wants to confirm the independence of its decision on the use of its oil reserves

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Friday, November 26, 2021 – 10:31 am
| Last updated:
Friday, November 26, 2021 – 10:31 am

Chinese officials say Beijing’s ambiguity over its accession to the US-led initiative to use oil reserves is aimed at domestic public opinion to show that Beijing is not following Washington’s path.

Bloomberg News quoted officials familiar with the ongoing talks in this regard as saying that China, the largest oil importer in the world, is committed to using its oil reserves as part of efforts to control prices in the oil markets, along with the United States, Japan, South Korea, India and Britain.

The officials, who spoke on condition of anonymity, added that Beijing wants to ensure that this action appears as an independent decision, so that the Chinese public does not misunderstand this cooperation as if it was in response to orders from Washington.

The officials explained that part of Chinese oil reserves will be put up for sale, but this will be done according to a timetable set by Beijing, and it may not be at the same time as other countries, and they stressed that China is willing to coordinate with other countries, including the United States, to ensure stability Oil supplies and prices, whether internationally or locally, provided that this is done independently.

On the other hand, oil prices stabilized in trading yesterday, Thursday, with the official holiday in the American markets, after the Organization of Petroleum Exporting Countries (OPEC) announced that the decision of the major oil-consuming countries to put part of their oil reserves for use, will lead to the emergence of a surplus of oil in the markets early in the year. Present.

And the Bloomberg News Agency indicated that oil futures contracts on the New York Mercantile Exchange were trading today at about $78 a barrel, while the volume of trading was little due to the American Thanksgiving holiday.

Bloomberg added that the expectations of a surplus in the markets came from the Council of the Economic Committee, an advisory body for OPEC, before the next meeting of the OPEC countries and their allies in the OPEC Plus gathering to review the production policy of the gathering next week.

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