Surprise call from USA to China! Make it available

According to the news of the South China Morning Post, which is based on the authorities, the issue came up within the scope of economic …

According to the news of the South China Morning Post, which is based on the authorities, the issue came up within the scope of economic cooperation during the meeting with Biden. It was claimed that the US side wanted China to participate in the move it will make to open its reserves in order to bring down global prices.

The USA is the country with the largest oil reserves in the world with 727 million barrels. The world’s largest oil importer, China, is estimated to have approximately 200 million barrels of reserves. It is predicted that the joint action of the two countries in this area will definitely affect the course of oil prices.

Officials speaking to the newspaper stated that the Chinese side approached the proposal positively, but that it needed to evaluate its domestic consumption needs and refrained from undertaking any concrete steps yet.

US wants oil prices to drop to stop inflation rise

Regardless of China’s decision, the United States is expected to announce that it will open its oil reserves soon. It is envisaged that the reserves will be gradually introduced to the market from the beginning of 2022.

Inflation in the USA has increased by 5 percent in the last 6 months, as the supply shortage caused by the new type of coronavirus (Kovid-19) epidemic increased oil prices and the US Federal Reserve increased the money supply with stimulus packages. Inflation in October reached 6.2 percent.

The Washington administration asked the Organization of the Petroleum Exporting Countries (OPEC) to increase its crude oil production earlier this month, but it was unsuccessful.

The USA has oil reserves to meet its domestic consumption for 90 days. It is estimated that China has enough strategic reserves to last 40-50 days. It is considered that the cooperation of the two countries in this area can create a new balancing factor against the influence of OPEC and Russia in determining global prices.

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