China is seeking to refill its strategic crude stock with cheap Russian oil which also show Beijing is strengthening its energy ties with Moscow, according to Bloomberg News reports.
Beijing is in discussions with Moscow to buy additional supplies, according to people with knowledge of the plan who asked not to be named as the matter is private as reported by Bloomberg. Crude would be used to fill China’s strategic petroleum reserves, and talks are being conducted at a government level with little direct involvement from oil companies, said one person.
Russian oil prices has tumbles this year following its invasion in Ukraine which provided an opportunity for China to cheaply replenish its vast strategic reserves, which are typically tapped during times of emergencies or sudden disruptions.
