Beijing to release state crude reserves via auctions to ease feedstock costs

摘要

China will release state crude oil reserves to the domestic market via auctions for the first time to ease high feedstock costs faced by the refining industry, the country’s National Food and Strategic Reserves Administration said late Sept. 9. NFSRA, a division of the National Development and Reform Commission, the country’s top planner, did not provide details about the volume of crude that will be released, but analysts estimate it could be 5 million-10 million mt (36.65 million-73.3 million barrels).