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China agrees with US to release crude oil reserves around Lunar New Year Beijing is planning to release national strategic stockpiles of crude oil around the beginning of February to tackle skyrocketing global fuel prices. (Reuters) "China agreed to release a relatively bigger amount if oil is above $85 a barrel, and a smaller volume if oil stays near the $75 level," a source for Reuters said. The Biden administration has discussed the possibility of a joint release of crude stocks to battle global oil prices with close allies including Japan, South Korea and India as well as China.