China will release crude oil from its reserves in accordance with its needs, according to a foreign ministry spokesman on Wednesday, adding that the country was in close contact with both oil-producing and oil-consuming countries.
The US announced on Tuesday that it will release millions of barrels of oil from strategic reserves in collaboration with China and other Asian nations in an attempt to cool prices after OPEC+ producers repeatedly ignored calls for increased crude output.
The National Food and Strategic Reserves Administration of China confirmed last week that it was working on releasing oil stocks, but did not comment on the US request.
In a daily press briefing, foreign ministry spokesman Zhao Lijian declined to comment on whether China was taking part in the oil stockpile releases coordinated by the US.
"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 stated that China would maintain communication and cooperation to ensure the oil market's long-term stability.