The Chinese reservation office is working on the release of crude oil by Reuters

BEIJING (Reuters) – China’s State Reserve Bureau on Thursday said it was working to release reserves, although the U.S. declined to comment on a request to touch the world’s major energy consumer nations to alleviate global energy prices.

The National Food and Strategic Reserve Administration told Reuters that it would disclose details of the move on its website when asked to comment on the U.S. request.

“We are working to release the crude oil reserves. And for any details related to the release, we will put a statement on our website,” a spokesman for the reservation office said.

China, the world’s largest oil importer, opened the first public auction of the state’s crude oil reserves in September to a select group of domestic refiners with the aim of stabilizing energy prices.

Beijing also said earlier this month that it would use the state’s fuel reserves to drive up diesel and gasoline prices.

Reference prices have risen 69% this year. It fell 0.4% to $ 79.97 per barrel on Thursday.

US crude oil prices fell by 0.8% and hit a one-month low.

China maintains its strategic reserve at a secret level. The last public update was in 2019, when the National Energy Administration announced that the country had oil inventories, including state reserves and stocks of oil companies and commercial tanks, that would last 80 days.

Consultancy Energy Aspects estimated earlier this year that China’s state oil reserves contain about 220 million barrels of crude oil, equivalent to a 15-day demand.

“Asia’s physical oil markets remain tight … A coordinated SPR could have a greater impact, albeit temporarily,” Citi analysts said in a statement on Thursday.