China to Sell First Batch of Crude Oil From Reserves on Sept. 24
- Grades being auctioned include Forties, Murban, Upper Zakum
- Initial reserve sale will be for 7.38 million barrels of crude
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China will make the first sale of oil from its strategic reserves on Sept. 24 after announcing the historic move last week, an unprecedented intervention by the world’s top crude importer to lower prices.
The initial auction will be for about 7.38 million barrels of crude, the National Food and Strategic Reserves Administration said in a statement late Tuesday. 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.