China looks to Russia to replenish strategic oil reserves: report

China is seeking to utilize rock bottom Russian oil prices to refill their strategic energy reserves. 

As European countries continue to push for bans and blockades on Russian energy, the Chinese Communist Party has seized the opportunity to approach the nation's government for a good deal on the oil, according to a report from Bloomberg.

"There is still room to replenish stocks and it would be a good opportunity for them to do so, if they can be sourced on commercially attractive terms," Jane Xie, senior oil analyst at Kpler, told Bloomberg.

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China, who has remained largely agnostic towards Russia since the beginning of their invasion into Ukraine, is also looking to save a bundle on the discount crude oil. Chinese refineries have bought a steady stream of crude oil and some expect the nation to store up to a billion barrels, according to Bloomberg.

The U.S. has vowed to stop the importation of Russian oil due to the ongoing invasion of Ukraine. The United Kingdom, Germany, and other European powers have made similar attempts to curb Russian energy sales. Meanwhile, less affluent European countries including Italy have dragged their feet on such policies, increasing their purchases to take advantage of the plummeting prices.

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Ambassadors of the 27 EU countries have been meeting daily to discuss details of the sixth sanctions package targeting Moscow over its invasion of Ukraine since the European Commission announced proposals for it on May 4.

"The Council (of EU governments) is united on the need to adopt a 6th sanctions package," the French presidency of the EU and the Commission said in a statement. "Very significant progress has been made on most of the measures."

Reuters contributed to this report.