Bloomberg News
(Bloomberg) —
China will release state reserves of diesel and gasoline to ease supply shortages, in the latest step to combat an energy crunch that’s threatening economic growth.
The reserves will be released after the yearly rotation of refined oil reserves, which was started recently, the National Food and Strategic Reserves Administration said in a statement Sunday that didn’t provide details on the amount or timing of the release.
“Diesel and gasoline rotated out of the reserves will be used to increase market resources and reduce supply shortages, in order to stabilize supply and prices in certain regions,” the stockpiling agency said.
China last month released crude oil from its strategic reserve for the first time, in an unprecedented intervention to lower prices. Surging energy costs and electricity shortages have forced many factories to suspend production, weighing on the country’s industrial sector and increasing the risks of inflation.
©2021 Bloomberg L.P.
Bloomberg News(Bloomberg) —China will release state reserves of diesel and gasoline to ease supply shortages, in the latest step to combat an energy crunch that’s threatening economic growth.The reserves will be released after the yearly rotation of refined oil reserves, which was started recently, the National Food and Strategic Reserves Administration said in a statement Sunday that didn’t provide details on the amount or timing of the release.“Diesel and gasoline rotated out of the reserves will be used to increase market resources and reduce supply shortages, in order to stabilize supply and prices in certain regions,” the stockpiling agency said. China last month released crude oil from its strategic reserve for the first time, in an unprecedented intervention to lower prices. Surging energy costs and electricity shortages have forced many factories to suspend production, weighing on the country’s industrial sector and increasing the risks of inflation.©2021 Bloomberg L.P.Bloomberg.com