China joins the US and other countries in tapping emergency oil reserves'We recognize that the rise in oil prices is placing a burden on consumers'by CNNOriginally Published: 23 NOV 21 12:34 ET(CNN) — China confirmed on Wednesday that it would join the United States and other major energy-consuming nations in releasing strategic oil reserves to try to cool high prices and tame inflation. The world’s second largest economy and biggest importer of oil told CNN on Friday it was working on a strategic oil release. JapanJapanese Prime Minister Fumio Kishida on Wednesday confirmed that Japan would release oil from its state reserves. Kishida said stabilizing crude oil prices is crucial to helping the economy recover from the coronavirus pandemic. After topping $85 a barrel in late October, US oil prices have declined about 10%.

Source: Libya Today November 24, 2021 15:17 UTC