China sets conditions before US for help in regulating oil prices

China announced its readiness to assist the United States to stabilize oil prices and prevent inflation from rising by releasing oil from its reserves, Report informs via foreign media.

At the same time, China is expecting the US to improve conditions for the development of Sino-American cooperation, particularly to refrain from unreasonable pressure and suppression of China in areas where they do not need help.

According to Chinese experts, the appeal of the United States to China and other Asian countries for assistance indicates that high prices for oil and oil products are worrying Joe Biden, who is trying to restore the country's economy before the midterm elections scheduled for 2022.

The US leader earlier announced the release of 50 million barrels of oil from the strategic reserves. The White House turned to China, India, Japan, South Korea and the United Kingdom to support the United States. Japan, India have already announced that they will use oil reserves to lower prices.