Reuters Feb 28 - China increasing SPR Oil reserveWhile the US seems to be looking at an SPR release...China is going the other way.
This may suggest China believes oil prices are going higher and they are trying to build some inventory...it could also suggest any SPR release by the US would just be scooped up by the Chinese.
Biden is in a jam...
Reference:
https://www.reuters.com/business/energy/exclusive-china-boosts-oil-reserves-ignoring-us-push-global-release-2022-02-25/ "EXCLUSIVE China boosts oil reserves, ignoring U.S. push for global release"
"LONDON, Feb 25 (Reuters) - China has ramped up purchases into its oil reserves this year even as oil prices soared, despite calls from Washington for a global coordinated stocks release to help cool the market, industry data showed and traders said.
Washington has sought cooperation from China to bolster the impact of a coordinated release of strategic oil stocks from major consumers to dampen the surge in oil prices, which topped $100 a barrel this week for the first time since 2014 after Russia invaded Ukraine."