20 may
China is negotiating with Russia on additional oil purchases to replenish its strategic reserves, the agency reports href="https://www.bloomberg.com/news/articles/2022-05-19/china-in-talks-with-russia-to-buy-oil-for-strategic-reserves?srnd=premium-europe " title="Bloomberg" target="_self">Bloomberg. China does not disclose information about crude oil reserves, but this figure may be about 1 billion barrels. According to Bloomberg, negotiations on oil purchases are conducted at the government level with little direct participation of oil companies. Another source of the publication said that details on the volume and terms of the transaction have not yet been determined, and there are no guarantees that an agreement will be concluded.
"China has the ability to increase stocks, and if they can do it at attractive prices, it will be a good opportunity," said Jane Xie, senior analyst at Kpler. The company estimates China's total oil reserves at 926.1 million barrels. World oil prices rose sharply after Russian President Vladimir Putin announced the start of a military operation in Ukraine. At the same time, the price of Russian oil has fallen, as many buyers refuse it, fearing sanctions and reputational risks. As a result, China has the opportunity to replenish its strategic reserves with cheap fuel, the agency writes.
Illustrative photo from open sources