China auctions more than 7 million barrels of oil reserves

China auctions more than 7 million barrels of oil reserves
China auctions more than 7 million barrels of oil reserves
China’s State Reserves Administration said on Tuesday it will auction about 7.38 million barrels of crude oil from its reserves that have not gone through customs clearance, mostly from the Middle East, on Sept. 24 in the first round of rare sales from its reserves.

The National Food and Strategic Reserves Administration said last week that it would put crude oil reserves on the market in phases to help achieve price stability.The quantities offered in the first sale round were divided into five batches, the first being 951,137 barrels of Qatari marine crude, about 1.1 million barrels of Fortis blend crude from the North Sea, more than 1.79 million barrels of Omani crude, more than 2.95 million barrels of Murban and 592,031 barrels of Upper Zakum crude. . The last two are from Abu Dhabi.

The administration said in a note that auction participants must abide by the national refining policy and obtain sufficient import quotas to obtain the crude that has not yet obtained customs clearance.

She added that any quantities purchased in the auction are not suitable for resale.

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