The United States and China should coordinate releases of their strategic oil reserves when needed to ensure a stable global supply, the Wall Street Journal reported Thursday, citing US Energy Secretary Ernest Moniz. Beijing is willing to discuss an agreement on such releases, Moniz was quoted as saying. China is relatively new to managing petroleum reserves and is building its capacity in three phases. The first phase, holding 100 million barrels, was completed in 2008. The second phase was finished last year, bringing the reserves to 270 million barrels, enough to cover about 50 days. A third phase, to be finished by 2020, will boost the reserves to 500 million barrels, the report said. In contrast, the US strategic petroleum reserve holds 727 million barrels – enough for about 90 days of consumption.
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