China to release its emergency oil reserves

China to release its emergency oil reserves
# 25 November 2021 13:14 (UTC +04:00)

China intends to tap into its emergency petroleum reserves in order to help lower rising gasoline prices across the globe, Chinese Foreign Ministry spokesperson Zhao Lijian confirmed, APA reports citing Teletrader.

The news comes shortly after United States President Joe Biden urged Chinese President Xi Jinping to release some barrels of crude while the two were discussing economic cooperation in their joint meeting.

The White House on Tuesday revealed that the world's second-largest economy, together with Japan, India, South Korea and the United Kingdom accepted to be part of Washington's effort to stabilize the international oil market.

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