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

Speaking in a daily press briefing, foreign ministry spokesman Zhao Lijian again declined to comment on whether China was participating in the oil stocks releases coordinated by the United States.

“The Chinese side will organise a release of crude oil from state reserves according to its own actual needs,” said Zhao, adding that it would publish relevant information without delay.

China Says It Will Release Oil Reserves According to Its Needs | Devamı>>>

China National Petroleum Corp (CNPC) has suspended investment in Iran’s South Pars natural gas project in response to U.S. pressure and to minimize tensions amid trade talks between Beijing and Washington, three Chinese state oil executives said.

South Pars is the world’s largest gas field and CNPC’s investment freeze is a blow to Tehran’s efforts to maintain financing for energy projects amid the re-imposition U.S. sanctions on its energy sector earlier this year.

CNPC Suspends Investment in Iran’s South Pars | Devamı>>>