China Is Reportedly in Talks With Russia To Buy Oil for Strategic Reserves

China Is Reportedly in Talks With Russia , To Buy Oil for Strategic Reserves.

China Is Reportedly in Talks With Russia , To Buy Oil for Strategic Reserves.

'Bloomberg' reports that according to people close to the situation, China is looking to obtain cheap Russian oil to restock its strategic reserves.

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'Bloomberg' reports that according to people close to the situation, China is looking to obtain cheap Russian oil to restock its strategic reserves.

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The discussions come as the EU moves to free itself from being dependent on Russia for energy.

The discussions come as the EU moves to free itself from being dependent on Russia for energy.

While oil has rallied worldwide following Russia's invasion of Ukraine.

The price of Moscow's crude has plunged as many consumers have chosen to cease doing business with the country.

China has reportedly decided to seize this opportunity to replenish its strategic reserves.

Last year, in an unprecedented move, the country sold crude from its strategic reserves in an attempt to tame oil prices which had skyrocketed due to the pandemic.

'Bloomberg' reports some experts estimate that the world's biggest crude importer has the capacity to store over 1 billion barrels of crude.

Data and analytics firm Kpler estimates China's overall stockpiles are currently at 926.1 million barrels.

There is still room to replenish stocks and it would be a good opportunity for them to do so, if they can be sourced on commercially attractive terms, Jane Xie, a senior oil analyst at data and analytics firm Kpler, via 'Bloomberg'