Skip to content

Photographer: Qilai Shen/Bloomberg

Markets

China Offers Oil Reserves in Unprecedented Move to Cool Rally

Updated on
  • Major refiners offered millions of barrels from state reserve
  • Move is part of wider effort to quell commodity price surge

China offered millions of barrels of oil from its strategic state reserves this month in an unprecedented move to try and quell inflation brought on by rising costs of everything from food to fuel.

The country will supply about 3 million tons -- or 22 million barrels -- to major refineries, according to people with knowledge of the matter, who asked not to be identified as the information is sensitive. The decision is the latest in a slew of measures by the world’s second-largest economy to rein in skyrocketing costs caused by a post-pandemic economic recovery.