The Biden administration has asked big oil buyers such as India and Japan – as well as China for the first time – to consider releasing stocks of crude, several people familiar with the requests told Reuters.
China's state reserve bureau told Reuters it was working on a release of its crude oil reserves, although it declined to comment on the US request. The United States and its allies have coordinated strategic petroleum reserve releases before, such as in 2011 when supplies were hit by a war in OPEC member Libya.
China rolled out its first public auction of state crude oil reserves to a select group of domestic refiners in September, aiming to stabilize energy prices. But they have resisted Biden's calls for more rapid increases, arguing that the rebound in crude demand could be fragile and there were already signs of a surplus building in 2022.
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