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

China’s State Reserves Administration said Tuesday (September 14) it will auction some 7.38 million barrels of crude oil from its reserves that have not gone through customs clearance, mostly from the Middle East, on September 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 951,000 barrels of Qatari marine crude, about 1.1 million barrels of Fortis blend crude from the North Sea, and more than 1.79 million barrels of crude from the North Sea.
Omani crude and more than 2.95 million barrels from Murban and 592,000 barrels from Upper Zakum crude, 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.

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

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