Soaring inflation and energy costs are forcing China to sell some of its precious oil supply
CNN
China is starting to sell off some of the oil it keeps in strategic reserve in a bid to lower prices in the market, a historic first for the world's biggest importer of oil and its second largest consumer.
The State Bureau of Grain and Material Reserves said late Thursday that it will release crude oil from its national reserve in batches. It intends to sell the oil to refining and petrochemical companies. "Putting national reserve crude oil on the market through open auction sales will better stabilize the domestic market supply and demand and effectively guarantee national energy security," the bureau said in a statement, adding that releasing oil would "ease the pressure of rising raw material prices for production companies."
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