China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on February 1 as part of a plan coordinated by the United States with other major consumers to reduce global prices, sources told Reuters.
"China agreed to release a relatively bigger amount if oil is above $85 a barrel, and a smaller volume if oil stays near the $75 level," said one source, without elaborating. The release of crude stocks by China will occur around the Lunar New Year, the sources said. China will be closed for the biggest annual holiday from January 31 to February 6.reuters
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
5 Trends That Will Shape Franchising Forever
The pandemic set many changes in motion, from the brands that thrive to the people who are becoming new franchisees. Here are the shifts that will grow even stronger in 2022 and beyond.
2021 Box Office Closes With More Fireworks For ‘Spiderman'
Hollywood closed out 2021 with more fireworks at the box office for “Spider-Man: No Way Home,” which topped all films for the third straight week and already charts among the highest grossing films ever.
5 Steps to Reach Your Money Goals in 2022
In addition to the new year bringing confetti and a fresh calendar, it’s a time to set big money goals for the next 12 months. That might mean finally paying off debt, buying a house or taking a long-delayed vacation.
$43m Battery Recycling Plant Set For Georgia, Hiring 150
A company that aims to recycle lithium ion batteries from vehicles and other uses will build its first large plant in suburban Atlanta, investing $43 million and hiring 150 people.
At Home in the Inhospitable
We Interviewed Globe-Trotting Survival Instructor and Cold-Weather Expert Jerry Saunders of Corvus Survival
A More Acessible World
Some Surprising Obstacles
Camoufleurs And the Art of War
Artists use optical illusions to win wars and save lives.
You Deserve Bold New Beginnings
Most resolutions fail because they aren't compelling enough. This year, choose goals that keep inspiring you. One treasure trove of inspiration is the Bhagavad Gita, so DAAJI will be sharing this timeless wisdom and offering us practical tools for new beginnings to move forward.
What Feels Right for You?-Embracing Difference
Judith Nelson introduces a new series for 2022, which will highlight and explore ways to integrate different perspectives on various topical issues.
4 Yoga Asana To Heal Rotator Cuff Injury
After a rotator cuff injury, proper shoulder strengthening exercises should be employed. There are specific yoga poses that can help to strengthen the rotator cuff muscles and they include the following: