China Is Reportedly in Talks With Russia , To Buy Oil for Strategic Reserves.<br />China Is Reportedly in Talks With Russia , To Buy Oil for Strategic Reserves.<br />'Bloomberg' reports that according to people close to the situation, China is looking to obtain cheap <br />Russian oil to restock its strategic reserves. .<br />'Bloomberg' reports that according to people close to the situation, China is looking to obtain cheap <br />Russian oil to restock its strategic reserves. .<br />The discussions come as the EU moves to free itself from being dependent on Russia for energy.<br />The discussions come as the EU moves to free itself from being dependent on Russia for energy.<br />While oil has rallied worldwide following Russia's invasion of Ukraine.<br />the price of Moscow's crude has plunged as many consumers have chosen to cease doing business with the country.<br />China has reportedly decided to seize this opportunity to replenish its strategic reserves.<br />Last year, in an unprecedented move, the country <br />sold crude from its strategic reserves in an attempt to <br />tame oil prices which had skyrocketed due to the pandemic.<br />'Bloomberg' reports some experts estimate that the world's biggest crude importer has the capacity to store over 1 billion barrels of crude.<br />Data and analytics firm Kpler estimates China's overall stockpiles are currently at 926.1 million barrels.<br />There is still room to replenish stocks and it would be a good opportunity for them to do so, if they can be sourced on commercially attractive terms, Jane Xie, a senior oil analyst at data and analytics firm Kpler, via 'Bloomberg'
