Sharjah24 - Reuters: China has ramped up purchases into its oil reserves this year even as oil prices soared, despite calls from Washington for a global coordinated stocks release to help cool the market, industry data showed and traders said.
Washington has sought cooperation from China to bolster the impact of a coordinated release of strategic oil stocks from major consumers to dampen the surge in oil prices, which topped $100 a barrel this week for the first time since 2014 after Russia invaded Ukraine. [O/R]
On Thursday, President Joe Biden said the United States was working with other countries on a new release following on from one in November last year.
The United States had announced a release of 50 million barrels from its own stocks in November and said China, India, Japan, South Korea the UK would do the same. The move came as U.S. gasoline prices soared and inflation spiked.
India, Japan, South Korea and the UK said they would release some modest volumes into the market. China, the world's No.2 consumer and largest importer, never officially committed to the move and has been buying more for its reserves instead.
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