China planned to derail global oil prices, which led to problems in the market, according to Bloomberg.
According to the Agency, the country bought in the spring large amounts of cheap oil. Now, when OPEC+ is preparing to increase production of energy, Shanghai began to sell oil from its storage facilities.
About 1 million barrels went to buyers who tend to buy energy in the middle East or Africa.
As noted, China did not plan to become a regional supplier of oil. The launch of futures trading through the Shanghai international energy exchange needed to promote the yuan.
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