The State Bureau of Grain and Material Reserves said Thursday night
that it will release crude oil from its national reserve in batches. He intends to sell the oil to refining and petrochemical companies.
“Placing national reserve crude oil on the market through open auctions will better stabilize domestic market supply and demand and effectively ensure national energy security,” the office said in a statement, adding that the release of oil “would ease the pressure of rising raw materials.” prices for production companies.
Oil prices fell to their lowest level in two weeks on Thursday after China’s announcement. Brent, the global benchmark, fell 1.6%, while US oil fell 1.7%. They rallied slightly, last trading at $ 71.85 and $ 68.45 per barrel, respectively.
The government has not said how much oil it will ultimately sell, but hoarding barrels is essential for China. The country relies heavily on foreign oil to fuel its economy and has worked for years to bolster its emergency stockpile of oil reserves. China doesn’t release much data on its oil reserves, but said in 2017 that it had established nine major reserve bases in the country, with a combined capacity of 37.7 million tonnes.
The country has also said it wants to have 85 million tonnes of oil in its emergency stockpile by the end of 2020, which is almost as much as the United States is keeping in its Strategic oil reserve
the world’s largest reserve of emergency oil.
But the Chinese economy is currently struggling with several headaches. Inflation is skyrocketing and the country’s producer price index hit a 13-year high last month, driven by rising commodity prices. Energy costs are also skyrocketing and demand is so high that some provinces have even experienced power shortages.
Despite Beijing’s efforts to contain soaring costs, factory inflation remains high. The government has warned that the high costs of raw materials such as energy and petrochemicals will exacerbate growth and employment challenges faced by manufacturers, especially small and medium-sized businesses.
Rising prices are also complicating any effort the government might consider to prevent an economic slowdown with increased fiscal and monetary support. An expansionary policy designed to support growth, such as an increase in public spending or an increase in the money supply, will only increase inflation further.
The Chinese economy has already been rocked by other problems, including an outbreak of the Delta coronavirus variant and the shipping crisis.
An official survey of manufacturing activity last month showed the lowest growth rate since the start of the pandemic, while a private survey showed the first contraction since April 2020. Service industries have also suffered, the official non-manufacturing survey recording the first contraction since February 2020.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos