China will hold the first auction of crude from its strategic reserves on September 24, launching the unprecedented sale of oil from the national stockpiles it announced last week in a bid to “alleviate raw material price pressures.” The Chinese authorities will auction 7.38 million barrels of bonded crude oil at the end of this month, the state reserves administration said on Tuesday, as carried by Reuters. China said last Thursday that it planned to auction crude oil from its strategic reserves, aiming to ease oil prices and inflationary…
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