By Yew Lun Tian and Noah Browning

BEIJING/LONDON/WASHINGTON (Reuters) – China, the world’s largest crude importer, was non-committal about its intentions to release oil from its reserves per a request from the United States, while OPEC producers were not considering changing tactics in light of the U.S. action, according to three sources in the group.

U.S. President Joe Biden made Tuesday announcing plans to pull millions of barrels out of strategic reserves to help cool oil prices. Prices of gasoline in America have risen more than 60% over the past year. This is the largest increase since 2000.

At 50 million barrels, pre-approved sales and loans to market, the United States is the most committed country for reserves releases. However, this action without China can be considered less significant.

China announced Wednesday that it is working to release its reserves. China confirmed a Reuters Report last week, stating that it was working within its own timeframe.

Biden told reporters Tuesday that China may do “more.” Although oil prices have been dropping for several days amid rumors of coordinated actions, they rose by 3% after Washington took its strategic reserves. But the markets were not clear on China’s plans.

The Washington move has raised suspicions that the Organization of the Petroleum Exporting Countries (OPEC+) might reconsider its agreement to increase output by 400,000 barrels each day. However, three sources said that the organization isn’t considering this.

The pandemic caused fuel demand to plummet early, but it has rebounded this year and oil prices are on the rise. Biden has low approval ratings in the run-up to next year’s congressional elections and is frustrated by OPEC+’s refusal to provide more oil.

Tuesday’s price of $82.66 per barrel was 0.4% higher at 35c, or 0.4%. This occurred by 11:06 AM EST (1606 GMT). Brent gained 3.3% Tuesday. After falling 10% over the previous days, Brent rose 3.3% on Tuesday.

OPEC RESPONSE

OPEC+ is a group that includes Saudi Arabia as well as other U.S. allies. It has so far rejected requests to pump more. The group will meet again Dec. 2, to review policy, but so far has not stated that it would change its stance.

According to Ihsan Abdul Jabbar, Iraqi oil minister, the group monitors whether oil markets remain balanced.

It has struggled to achieve its existing production targets and is concerned that coronavirus outbreaks could drive up demand.

Washington’s attempt to work with Asian nations to reduce energy prices was a signal to OPEC+ that it must control the rise in crude oil prices by more than 50% this year.

The International Energy Agency (IEA), a Paris-based monitor, coordinated multi-country withdrawals from reserves in the past. Although the IEA doesn’t intervene in price decisions, the head of the agency stated Wednesday that some producers had been restricting their supply.

Fatih Birol (IEA chief) stated that some of today’s key strains could be considered artificial tightness. “We see near to 6,000,000 barrels per hour in spare production capacity lying with the key producers, OPEC+ nations.”

The plan calls for the United States to release 50,000,000 barrels. This is equivalent to about 2 1/2 days’ worth of domestic demand. Analysts disagree with this assessment. They believe that the U.S. will release only 18 million barrels from pre-approved sales, and 32 million barrels as a loan. This is too little and incontinent.

Goldman Sachs (NYSE -) claimed that the volume was only a “drop in the ocean”. [O/R]

According to officials, it marked the first time that America coordinated such a move in cooperation with Asia’s top oil buyers. India will release five million barrels of oil and Japan, “a few hundred thousands kilolitres,” from its national reserves. South Korea is not providing any details about its plans.