Crude oil from China’s state reserves to go on sale for the first time

The People’s Republic of China intends to auction the state reserves of black gold.

Crude oil from state reserves will be put up for sale at open auctions for the first time. We are talking about Chinese trading platforms. This became known from the message of the state administration of the food and material reserves of the PRC.

“The State Administration of Food and Material Reserves of the PRC will release state reserves of crude oil on the market for the first time,” the Prime agency quoted the statement as saying.

The release of raw materials on the market is carried out with the aim of “relieving pressure on production enterprises” against the backdrop of rising oil prices. Several stages are expected as part of the placement. The purchasers of crude oil from state reserves will be local refineries.

Reuters previously reported that traders are using COVID-19 to drive down the price of black gold. Experts noted that the strengthening of restrictions in the PRC and developed countries could slow down the global recovery.

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