November 29, 2021, 11:15

China to Release Oil From Reserves in Accordance With Its Own Needs, Foreign Ministry Says – 24.11.2021, Sputnik International

China to Release Oil From Reserves in Accordance With Its Own Needs, Foreign Ministry Says – 24.11.2021, Sputnik International

BEIJING (Sputnik) – China will release oil from its reserves in accordance with its own needs, Foreign Ministry spokesman Zhao Lijian said on Wednesday.”China will organize 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, adding that the ministry will make an announcement at a right time.On Tuesday, US 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.Oil prices had risen more than 60% this year due to short supply versus demand, with OPEC+ focused on recovering from a market that crashed the prior year on demand destruction related to the COVID-19 crisis.

Sourse: sputniknews.com

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