China Says No Immediate Plan to Intervene as Oil Prices Soar

(Bloomberg) — China has no immediate plan to intervene in oil markets following Russia’s invasion of Ukraine, according to the foreign ministry.

When asked if China would be willing to release crude from its strategic reserves should the U.S. seek more coordinated sales to quell prices, a spokesperson said on Thursday that Beijing would consider a move only when the geopolitical situation has stabilized.