Step 1: Identifying the reaction.
The given reaction represents the reduction of carbon dioxide during photosynthesis.
Step 2: Source of oxygen.
Oxygen is released during the light reaction due to photolysis of water.
Step 3: Overall photosynthesis.
Although CO$_2$ is reduced to carbohydrate, O$_2$ is released as a by-product.
Step 4: Conclusion.
Hence, ‘X’ in the reaction stands for oxygen (O$_2$).