China says it will release oil reserves according to its needs

Oil tanks are seen at a Sinopec plant in Hefei, Anhui province, in this May 31, 2009 file photograph. — Reuters pic
Oil tanks are seen at a Sinopec plant in Hefei, Anhui province, in this May 31, 2009 file photograph. — Reuters pic

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BEIJING, Nov 24 — China will release crude oil from its reserves according to its needs, a foreign ministry spokesman said today, adding that the country was in close communication with oil-producing and oil-consuming countries.

The United States said yesterday that it will release millions of barrels of oil from strategic reserves in coordination with China and other Asian nations to try to cool prices after Opec+ producers repeatedly ignored calls for more crude output.

China’s National Food and Strategic Reserves Administration confirmed to Reuters last week that it was working on a release of oil stocks but declined to comment on the US request.

Speaking in a daily press briefing, foreign ministry spokesman Zhao Lijian again declined to comment on whether China was participating in the oil stocks releases coordinated by the United States.

“The Chinese side will organise a release of crude oil from state reserves according to its own actual needs,” said Zhao, adding that it would publish relevant information without delay.

Zhao said that China would maintain communication and co-operation to ensure the long-term stability of the oil market. — Reuters

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