Catherine Wong
and Frank Tang in Beijing
Published: 6:00am, 17 Nov, 2021
The United States has asked China to release oil reserves to help stabilise soaring international crude oil prices
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Regardless of China’s decision, Washington is likely to announce - as early as next week - that it will start to gradually release strategic petroleum reserves into the market early next year.
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The Biden administration is under growing pressure to consider releasing strategic reserves, after US inflation jumped above 5 per cent for six straight months, due to pandemic-related supply disruption and monetary stimulus by the Federal Reserve. The US inflation rate hit 6.2 per cent in October.
https://www.scmp.com/economy/china-econo...s-economic
China has very little oil reserve.
if got big land stockpiling .
Ask Uncle Sam to fxxk off!
Its a plot to weaken China
US should donate its 80% oil reserves to show it is great again.
(17-11-2021, 09:43 AM)cityhantam Wrote: [ -> ]China has very little oil reserve.
Are you sure, then why did US needs China to release oil reserves....?
(17-11-2021, 09:21 PM)debono Wrote: [ -> ]Are you sure, then why did US needs China to release oil reserves....?
You don't know that China has to import huge amount of oil everyday?
You only love to believe Assmerica's LIES?
(17-11-2021, 09:21 PM)debono Wrote: [ -> ]Are you sure, then why did US needs China to release oil reserves....?
To save US corporation owned by England
Greta Thunberg: You save the Bond You save the world.
But alas COP26 failed
same format Federal reserve act 1913. This time GreenBond.
Bankruptcy now push to 15122021 from 03122021.
Singapore is one out of 4 as Payout center. She is also US corporation IRS apart from Puerto Rico.
That's why Christmas Orchard comes early.
With that 'Buying' Singapore can issue her own Bonds.
Fatty Xi : Sure, I will be invading Tai-Wart. Mind your own biz
Sleepy Joe: As long you help my economy …… errrrrr …. what Tai-Wart who Tai-Wart
(17-11-2021, 09:42 PM)Tangsen Wrote: [ -> ]Fatty Xi : Sure, I will be invading Tai-Wart. Mind your own biz
Sleepy Joe: As long you help my economy …… errrrrr …. what Tai-Wart who Tai-Wart
No lah, Taiwan now is very important to USA due to TSMC. Because TSMC controls the manufacturing of 5nm and below chips in the world. This is why USA in recent years is so keen on 'protecting' Taiwan relative to previous decades.
I tot US got alot of shale oil.
They shd increase the production not asking China.to help them.
Shale oil breakeven price is only around USD40.
(17-11-2021, 09:21 PM)debono Wrote: [ -> ]Are you sure, then why did US needs China to release oil reserves....?
China has no obligation
(17-11-2021, 09:21 PM)debono Wrote: [ -> ]Are you sure, then why did US needs China to release oil reserves....?
Not sure why. According to the article
The US has the world’s largest reported strategic petroleum reserve at 727 million barrels whereas China has about 200 million barrels
Based on the lastest figures I can get, US consumes about 18.2 mil barrels per day and China around 12.8 mil per day. US' reserves can last 40 days in times of emergency and China's can only last 15 days. As the article says, it does not makes sense for China to release oil reserves now. Maybe later.
It will be very silly for China to drain her strategic reserve, cos if war with India breaks out, all crude shipment from the MiddleEast will be stopped. Moreover OPEC production is also not at its peak. Thus I think US has a sinister intent by trying to get China crippled (without sufficient oil stockpile) at the onset of war.
To help the US, China should buy more crude from Iran instead, processed them and then sell it to the world.
Win-win for Iran and the world.
https://www.dailyfx.com/forex/market_ale...-Fall.html
https://www.nextbigfuture.com/2021/10/173611.html
(18-11-2021, 06:52 AM)RiseofAsia Wrote: [ -> ]I tot US got alot of shale oil.
They shd increase the production not asking China.to help them.
Shale oil breakeven price is only around USD40.
Shale oil is an exhaustible commodity and US had mine much of that. Now that the shale oil is depleted US has no choice but to buy crude oil from OPEC or other oil producing countries..
(18-11-2021, 12:23 PM)debono Wrote: [ -> ]Shale oil is an exhaustible commodity and US had mine much of that. Now that the shale oil is depleted US has no choice but to buy crude oil from OPEC or other oil producing countries..
It is exhaustible but far from depletion. US has lots of shale reserves. But the costs of getting them is higher.
https://en.wikipedia.org/wiki/Oil_shale_...allocation
Actually intention of releasing reserves is not so much in boostering supply, but to signal to the market to stop speculating or hoarding oil. Eliminate the contango effect, if you know the term.
(18-11-2021, 06:01 AM)Levin Wrote: [ -> ]No lah, Taiwan now is very important to USA due to TSMC. Because TSMC controls the manufacturing of 5nm and below chips in the world. This is why USA in recent years is so keen on 'protecting' Taiwan relative to previous decades.
Well, once Fatty Xi start producing that, I suggest they bomb TSMC
I found this.......
China holds 25,132,122,000 barrels of proven oil reserves as of 2016, ranking 14th in the world and accounting for about 1.5% of the world's total oil reserves of 1,650,585,140,000 barrels. China has proven reserves equivalent to 5.4 times its annual consumption.
That means in 2016 its reserves can last 5.4 years without import. By now it shud be more I guess and that is why Biden not shiok and asked Xi to use them up so that he can blockage oil from entering China in the event of Taiwan war.....
(18-11-2021, 12:23 PM)debono Wrote: [ -> ]Shale oil is an exhaustible commodity and US had mine much of that. Now that the shale oil is depleted US has no choice but to buy crude oil from OPEC or other oil producing countries..
You don't know that USA is now a net exporter of oil?
Which era are you living in?
In 2020, the United States exported about 8.50 MMb/d of petroleum to about 174 countries and 4 U.S. territories.
(18-11-2021, 01:02 PM)Huliwang Wrote: [ -> ]I found this.......
China holds 25,132,122,000 barrels of proven oil reserves as of 2016, ranking 14th in the world and accounting for about 1.5% of the world's total oil reserves of 1,650,585,140,000 barrels. China has proven reserves equivalent to 5.4 times its annual consumption.
That means in 2016 its reserves can last 5.4 years without import. By now it shud be more I guess and that is why Biden not shiok and asked Xi to use them up so that he can blockage oil from entering China in the event of Taiwan war.....
These reserves need to be extracted. They are different from strategic reserves which are already extracted and just stored somewhere for emergency or whatever usage. Strategic reserves are needed for emergencies or whatever reason. Cannot wait for extraction during emergencies lah.
Maybe last time, they could go for war in the Middle East. Once they were there, the pipelines were connected. The oil would be stored elsewhere.
US President also called Opec+ 3 times to increase production but they ignored him few months ago when oil prices keep going up. To solve its own oil consumption US should be releasing its stockpile not asking other oil producing countries to increase production, release from stockpile.
(18-11-2021, 01:08 PM)cityhantam Wrote: [ -> ]You don't know that USA is now a net exporter of oil?
Which era are you living in?
In 2020, the United States exported about 8.50 MMb/d of petroleum to about 174 countries and 4 U.S. territories.
The US wants to replace Saudi....Electric Cars will kill its dream.
China should not announce the amt and % because USA can assess their stockpile and holding period for china
That time when oil went negative, I think Chinese bought a lot and took order.
Electric car or whatever else, during a war it's still going to be oil that matters... Electric cars can't go to war... Sitting ducks.. planes can't fly without oil...
although joe look likeXi there is a difference
xiOne is KM
JoeOne is BritAmerica
BritAmerica has Klaus Schwab arrested.
the 4th Reich does HitLER sounds a bell
or her daughter
nevermind if too complicated.
【頭條開講】自己不挖頁岩油!叫全球釋原油!美國油價壓不下!背後原因竟是拜登!@中天電視 精華版