“Where the International Energy Agency coordinated the release of government reserves. And where, in fact, China, which has the largest oil buffer stock system in the world, ended up being kind of the buffer stock of the world by, you know, limiting its imports quite drastically.”
The Economics Show with Soumaya Keynes · Can economics fight fascism? With Isabella Weber
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What was described
coordinated the release of government oil reserves and used China’s large oil buffer stock system to limit imports, buying when supply is high and releasing when price is high
Said nearby on the same subject
“When these energy companies get whacked on commodity prices moving sharply lower for a day or two, and they get, you know, oil goes down 5% to 7% and these stocks go down 20%, you buy them.”
“The orange line on that chart, what I've done is I've bootstrapped a crude price from diesel prices. So the equivalent oil price, looking at diesel, is over $160 a barrel.”
“Purchase of the international assets of a big Russian oil company called Luke Oil… for a group of investors to come in and buy those billions of dollars in assets… the U.S. government would take a stake.”