Additional reporting by Gwen Chen in Beijing.
When the International Energy Agency – the western countries’ energy watchdog- shocked oil markets by announcing a reserve release a few weeks ago, one key question on traders’ minds was, how will China react?
China is not a member of the IEA and while the IEA has been courting closer cooperation in recent years, the world’s second-largest oil consumer’s absence increasingly calls the agency’s relevance into question, particularly when it comes to coordinating complex policy decisions like the release of reserves.
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