China to auction 7.38 million barrels of oil reserves on September...

China will auction 7.38 million barrels of oil reserves on September 24
© Reuters.

BEIJING (Reuters) – China’s State Reserves Administration said on Tuesday it will auction about 7.38 million barrels of its non-cleared reserves, mostly from the Middle East, on Sept. 24 in the first round of rare sales of 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 (SE:) 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. From Upper Zakum ore. 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.

(Prepared by Lubna Sabry for the Arab Newsletter – Editing by Moataz Muhammad)

Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

These were the details of the news China to auction 7.38 million barrels of oil reserves on September... 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.

NEXT Exxon smashes Western oil majors’ profits with $56bn in 2022

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]