China to join oil reserve release ‘based on its own needs’ after US, UK, Japan, South Korea and India commit
- China’s second release from its state oil reserves in two months could amount to 7.38 million barrels following a 50 million barrel commitment from US President Joe Biden
- Britain, Japan, South Korea and India have also already committed to releasing state reserves in an attempt to cool high energy prices
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China joins coordinated move to release oil reserves and lower global oil prices
China will join coordinated global efforts to release oil reserves “based on its own needs” with Beijing in communication with other nations who have already laid out details of their plans to tame worldwide market turbulence, the foreign ministry said on Wednesday.
“China will arrange the release of national crude reserve based on its own needs and take other necessary measures to stabilise the market, and will release the information in a timely manner,” foreign ministry spokesman Zhao Lijian said at a press conference on Wednesday.
“China has noticed that major oil-consuming countries have moved to release crude reserves to counter market turbulence and changes. China is in close communication with related sides, including crude consuming and producing countries, and hopes to ensure long-term stable performance of the crude market over the long term via communication and coordination.”
Markets deemed the overall release of the strategic oil reserves to be too small to ease the demand-supply imbalance
