US President Joe Biden During the Virtual Summit with the Chairman of the People’s Republic of China, Jinspin asked China to use oil from its own stocks and thereby omitting world prices, writes South China Morning Post.
The proposal suggests that both countries will simultaneously use oil from their strategic reserves and thereby raise the supply in domestic markets.
It is noted that Czinspin declared its openness to the proposals of this kind, but not yet ready to take on specific obligations due to the need to explore the internal needs of the country in oil.
At the same time, the United States intends to independently put oil from reserves regardless of the final decision of Beijing. It is expected that this will happen in late November.
Since the beginning of September, world oil prices began to grow, reaching the maximum indicators in recent months. This was partly due to the sharp rise in price of gas and the switching of consumers on an alternative type of fuel.
At the time of publication, the futures contract for Brent Brent oil barrel with delivery in January cost 81.76 dollars. Reducing compared with the level of closing the previous trading session was 0.3 percent.