China auctions 7.38 million barrels of oil reserves

China auctions 7.38 million barrels of oil reserves
China auctions 7.38 million barrels of oil reserves
China’s State Reserves Administration said on Tuesday it will auction some 7.38 million barrels of crude from its non-clearance reserves, 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 was 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 and more than 2.95 million barrels of Murban. And 592,031 barrels of “Upper Zakum” crude, the last two from Abu Dhabi.
The administration said in a note that auction participants must adhere to 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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