Trading sources say China is releasing more than 20 million barrels of mostly sour crude from its strategic petroleum reserve in what appears to be an attempt by the government to push oil prices lower and control inflation. The move coincides with Opec-plus signing off on a plan to start implementing monthly production increases of 400,000 barrels per day in August, triggering a steep drop in crude prices on Monday (IOD Jul.19'21). A Chinese market player said the government is offering around 4 million tons -- equivalent to around 29.3 million barrels -- of mostly sour crude from its strategic reserve. If all of ... (full story)