Beijing ‘has upper hand’ as US asks to release oil reserves: China Daily
The United States is “turning to China for help” to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday, adding that the move will benefit everyone but China “has the upper hand.”
Washington has asked some of the world’s largest oil consuming nations including Japan, South Korea, India and China to consider releasing some millions of barrels of oil from strategic reserves in a coordinated effort to lower prices and stimulate the economic recovery.
China’s state reserve bureau later said it is working on a release of crude oil reserves but declined to comment on the U.S. request.
