China to Release Oil Reserves According to its Needs

President Biden urged nations to coordinate oil release from Strategic Petroleum Reserve (SPR), in coordination with other countries, as part of efforts to tamp down high gas prices.

Reuters

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

The United States said on Nov. 23 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.

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