China will release oil from its reserves in accordance with its own needs, Foreign Ministry spokesman Zhao Lijian said on Wednesday.

On Tuesday, U.S. President, Joe Biden announced the release of 50 million barrels of oil from the strategic inventories in order to push prices down.

The White House said that a number of other countries will follow suit, including China, India, South Korea, Japan, and the UK.

Indonesia, Britain to build supply chain of electric vehicle batteries

Zhao said China will organize the release of oil (to the market) from state reserves and take other necessary measures to maintain market stability in accordance with its own real needs.

The spokesman said that the ministry will make an announcement at a right time.