China Working on Releasing Crude Reserve: Guardian

China’s state reserve bureau has said it is working on a release of crude oil reserves, The Guardian reported.

The National Food and Strategic Reserves Administration said it would disclose the details of the move on its website. A spokeswoman explained: “We are carrying out the work of releasing crude oil reserves. We will put out a statement on our website.”

Beijing declined to comment on the US’s invitation to participate in a joint release of oil.

Read the full report: The Guardian

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.