China has announced it will sell oil from its state petroleum reserves for the first time, as Beijing steps up efforts to rein in inflationary pressures stemming from commodity markets.
The State Bureau of Grain and Material Reserves said on Thursday it would release batches of oil for sale to domestic refining and chemicals companies to “alleviate the pressure of rising raw material prices”.
“Putting national reserve crude oil on the market through open auction sales will better stabilise domestic market supply and demand and effectively guarantee national energy security,” it said.
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