CHINA will release crude oil from its reserves according to its own actual needs, Chinese Foreign Ministry spokesperson Zhao Lijian said Wednesday, adding that the country is in close communication with oil-producing and oil-consuming countries to ensure a stable oil market.

U.S. President Joe Biden announced Tuesday he had ordered the release of 50 million barrels of oil from the U.S. 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.

Speaking at a daily press briefing, Zhao said China will also take other necessary measures to ensure market stability and publish relevant information in a timely manner.

As one of the world’s major oil producers and consumers, China has long attached great importance to the stability of the international oil market, and is willing to maintain communication with all relevant parties to maintain market balance and long-term stability, strengthen cooperation, and jointly deal with the challenges, he added.

(CGTN)