News Snapshot:
In a bid to help stabilise soaring international crude oil prices, the United States has asked China to tap into its crude oil reserves. The issue came up during a virtual meeting between President Xi Jinping and his US counterpart Joe Biden in November. The US has the world’s largest reported strategic petroleum reserve, while China as the world’s largest importer of crude oil has also built up a system of its own. Why does China need a strategic crude oil reserve? In the 1990s, China said it planned to establish a US-like strategic petroleum reserve system, and the project...
