China to Sell First Batch of Crude Oil From Reserves on Sept. 24_老虎社区_美港股上老虎

China to Sell First Batch of Crude Oil From Reserves on Sept. 24

Bloomberg2021-09-14

Grades being auctioned include Forties, Murban, Upper Zakum Initial reserve sale will be for 7.38 million barrels of crude China will make the first sale of oil from its strategic reserves on Sept. ...

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pokokoko
·2021-09-15
Boo
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ALLOYHUAT
·2021-09-14
Like
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myLaohor
·2021-09-14
Goingbto watch closely see how this pans out
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- Jaimeeeee:
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  2021-09-14
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longls
·2021-09-14
Like pls
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- ATJS:
  done
  2021-09-14
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FALCON
·2021-09-14
Nice
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- FALCON:
  good
  2021-09-14
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小小爆米花
·2021-09-14
Nice
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Kerrisdale
·2021-09-14
Like!
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BoonHuat
·2021-09-14
Nice
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MayW8
·2021-09-14
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Grades include Qatar Marine, Forties, Oman, Murban and Upper Zakum, which are in tanks at Dalian and were put into storage last year, the agency said.\nBrent oil dipped immediately after the announcement, before recovering to trade near $74 a barrel. The Chinese agency said last week that it would tap its giant oil reserves to “ease the pressure of rising raw material prices.” China is facing the surging cost of commodities, not just for crude, but coal and natural gas, while inflation is rapidly rising.\nCompanies participating in the auction need to comply with national refinery industry policy and have a sufficient import quota, the agency said. Buyers should also have a good credit record and the crude purchased should be for its own use, not for resale. The volume being sold is less than what China typically imports in one day.\nChina has built up a 220 million barrel reserve of the commodity over the past decade, according to Energy Aspects Ltd. 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