China will release crude oil from its reserves according to its needs, a foreign ministry spokesman said on Wednesday, adding that the country was in close communication with oil-producing and oil-consuming countries.

Speaking in a daily press briefing, foreign ministry spokesman Zhao Lijian again declined to comment on whether China was participating in the oil stocks releases coordinated by the United States.

“The Chinese side will organise a release of crude oil from state reserves according to its own actual needs,” said Zhao, adding that it would publish relevant information without delay.

China Says It Will Release Oil Reserves According to Its Needs | Devamı>>>

In the monthly report published by the Organization of Petroleum Exporting Countries (OPEC), global oil production increased by 30,000 barrels per day on average in August 2021 compared to the previous month, and became 95.69 million barrels/day, compared to 4.93 million barrels per day in 2020. barrel/day increased.

According to the Petroleum Market, OPEC’s report, in August, OPEC’s crude oil production amounted to 26 million 762 thousand barrels/day, with an increase of 151 thousand barrels/day compared to the previous month.

Global Oil Production Increases in August | Devamı>>>

Oil major Royal Dutch Shell on Thursday outlined the details of its near-term and long-term plans to transition to cleaner energy, saying its oil production and total carbon emissions have already peaked.

Shell said it aims to reduce net carbon emissions by between 6% to 8% by 2023 when compared to 2016 levels. The target jumps up to 20% by 2030, 45% by 2035, and 100% by 2050.

‘Shell’s Carbon Emissions and Oil Production Have Peaked | Devamı>>>

It has been announced by Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr. Muhammed Barkindo, that it plans to publish a chart of the details of voluntary production cuts quotas for members of the OPEC that support their prices and for the countries that are moving together, such as Russia.

Barkindo said that the actual limit for the member countries to reach 1.2 million barrels of production cuts per day was 3.02 percent, while this ratio was above 2.5 percent.

OPEC to Explain Country Quotas for Oil Production Deduction | Devamı>>>