China to release oil from reserves

China will release oil from its reserves in accordance with its own needs, Foreign Ministry spokesman Zhao Lijian said on Wednesday. On Tuesday, U.S. President, Joe Biden announced the release of 50 million barrels of oil from the strategic inventories in order to push prices down.

The White House said that a number of other countries will follow suit, including China, India, South Korea, Japan and the UK.

Zhao said China will organise the release of oil (to the market) from state reserves and take other necessary measures to maintain market stability in accordance with its own real needs.

The spokesman said that the ministry will make an announcement at a right time.