China Makes Plans to Sell Crude Oil
Crude Oil Sales from State Reserves for China
In a historic attempt and for the first time ever, China announced that it has plans to sell crude oil from its state reserves, approximately 7.38 million barrels.
The tender will take place on September 24 where it would be sold in batches says the State Bureau of Grain and Material Reserves.
“Putting national reserve crude oil on the market through open auction sales will better stabilize domestic market supply and demand and effectively guarantee national energy security,” it said.
