China negotiates to buy oil from Russia for its strategic reserves

China negotiates to buy oil from Russia for its strategic reserves

China is in talks with Russia to buy additional oil supplies to boost its strategic crude inventories, according to a report by Bloomberg News.

The crude would be used to fill China’s strategic oil reserves and talks are underway at the government level. with little direct involvement of oil companies.

The United States banned imports of Russian oil shortly after Moscow’s invasion of Ukraine.

Meanwhile, the European Union is considering a gradual embargo, pushing more cargoes of Russian oil to Asia.



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