China Offers Oil Reserves in Unprecedented Move to Cool RallyBy
Major refiners offered millions of barrels from state reserve
Move is part of wider effort to quell commodity price surge
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.