China Agrees with US to Release Oil Reserves near Lunar New Year

China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays as part of a plan coordinated by the United States with other major consumers to reduce global prices, Reuters reported on Jan. 14.

The sources, who have knowledge of talks between the world's top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels.