WorldOil China begins releasing oil from its strategic reserves China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs. Oil prices fall to six-week low on prospect of strategic crude releases Oil tumbled to the lowest in nearly six weeks as investors considered the prospect of a release of crude supplies from strategic reserves. Joe Biden and Xi Jinping discuss tandem U.S.-China oil stockpile release President Joe Biden has been weighing the merits of releasing oil from the Strategic Petroleum Reserve to try to quell gasoline prices. A release by China was raised by the U.S. during this week’s virtual summit with President Xi Jinping, the South China Morning Post reported, citing an unidentified person. China’s oil inventory hits four-year low ahead of OPEC meeting China may be forced to start buying crude at elevated prices to replenish its thinning crude stockpiles, adding more pressure to a nation that’s facing energy shortages and seeking to avert a diesel crisis. China targets a carbon-neutral economy by 2060 China aims to have non-fossil energy consumption exceed 80% of its total mix by 2060, when the world’s second-biggest economy plans to be carbon neutral, according to guidelines published by the official Xinhua News Agency. Energy crisis leads China to pump the brakes on energy transition China’s widening power crisis, which has forced rationing across the country and threatens to derail economic growth, is prompting policy makers to rethink the pace of the nation’s energy transition. China orders its energy firms to secure winter supplies “at all costs” China’s central government officials ordered the country’s top state-owned energy companies -- from coal to electricity and oil -- to secure supplies for this winter at all costs, according to people familiar with the matter. China’s clean-energy planners take aim at its $7B high-sulfur oil market One of the fastest-growing corners of China’s energy market is facing a potentially devastating blow as Xi Jinping’s government increases scrutiny of high-emission fuels. Global oil supply imbalance shrinks China’s crude reserves Inventories capped a seventh weekly decline last week, dropping to 990 million barrels, according to market intelligence firm Kayrros. Leading Chinese refinery selects AspenTech for digitalization program Aspen Technology announced that Hengli Petrochemical Refinery, a leading Fortune Global 500 refinery in China, has chosen Aspen DMC3TM software to accelerate digitalization at its integrated refining and chemical plant in Dalian, China.