Despite U.S. push, China says it’ll only release oil from reserves per its own needs
Amid push by the United States to force down soaring oil prices by instigating increased global supplies, China says it will only release oil from its reserves per its own needs.
Chinese Foreign Ministry spokesman Zhao Lijian stated this on Wednesday against an earlier announcement by the U.S.
On Tuesday, U.S. President Joe Biden announced the release of 50 million barrels of oil from the strategic inventories to push prices down.
The White House said that several other countries would follow suit, including China, India, South Korea, Japan and the UK.
Mr Zhao said China will organise the release of oil (to the market) from state reserves and take other necessary measures to maintain market stability following its own real needs.
The spokesman said that the ministry will make an announcement at the right time.
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