China auctions 7 million barrels of oil from its stockpiles


The Chinese Government Reserves Administration said yesterday that it will auction about 7.38 million barrel of crude oil of its reserves that did not pass through customs clearance, mostly from the Middle East, on September 24 in the first round of rare sales of its reserves, CNBC Arabia reported.

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 951,000 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 592,000 barrels of crude. Upper Zakum, and the last two crudes 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, adding that any quantities purchased in the auction are not suitable for resale.





These were the details of the news China auctions 7 million barrels of oil from its stockpiles for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV WhatsApp is developing a technology to convert voice messages into texts
NEXT European stocks post seventh month of gains

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]