The US and China agreed to take measures to reduce global oil prices. The two largest economies decided to challenge other oil-dependent countries. The established agreement between the US and China proves that the market has two equal powers - sellers and buyers - and the latter can also influence market conditions. Washington and Beijing are among the largest oil consumers. Currently, they are ready to release their oil reserves until oil prices start falling. China agreed to release a bigger amount if oil climbs above $85 per barrel, and a smaller volume if it stays near $75. Notably, the price is hovering near $80 per barrel. The plan is coordinated by the US with other major oil consumers including Japan, South Korea, and India. The countries have agreed to release their strategic reserves amid abnormally hiking oil prices. The United States has already sold a part of its oil stockpiles over the past few weeks while Japan and South Korea have also announced plans for crude sales.
