Beijing: After India and the USA, China today announced making arrangements to release crude oil from reserves and adopt other necessary measures to keep the market steady “in light of its own realities and needs, and will release relevant information on a timely basis”.
China mentioned that it was long committed to ensuring its security of energy supply, and had established an independent and full-fledged national petroleum reserves system.
Also read: India to release crude oil from its Strategic Petroleum Reserves
China further noted that major oil-consuming countries had recently released oil from reserves to respond to volatility and changes in the market. It stated that it was in close communication with relevant parties, including oil consumers and producers, with the hope to ensure long-term stability in the oil market through communication and collaboration.
Yesterday, both India and the USA had stated separately that both would, in concert with five countries including China, tap national strategic petroleum reserves to lower gas prices.
Chinese foreign ministry spokesperson Zhao Lijian said that as a major oil producer and consumer in the world, China had long attached great importance to the stability of the global oil market. “We stand ready to maintain communication, strengthen cooperation with relevant parties to keep the market balanced and steady in the long run and jointly address challenges,” he said.
– global bihari bureau
