(Reuters) – China agreed with the United States late last year to release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on Feb. 1 as part of a U.S.-initiated plan to reduce global prices, sources told Reuters.
The sources, who have knowledge of the discussion 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.
China’s National Food and Strategic Reserves Administration did not immediately comment on a request for comment.
(Reporting by Timothy Gardner in Washington and Nidhi Verma in New Delhi; Writing by Chen Aizhu; Editing by Florence Tan and Christian Schmollinger)
