Insight
Can China’s SPR dampen crude price escalation?
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Report summary
China announced to auction stocked crude oil in its Strategic Petroleum Reserve (SPR) for the first time in history. These SPR sales aim to help the refining and chemical production industry reduce the impact of expensive crude imports and high freight rates by releasing barrels at, potentially, a lower-than-market price, and the auction is explicitly targeting chemical-integrated plants. This insight aims to: • Introduce how the auction will work. • Illustrate who will benefit from this and the coming sales? • Evaluate how much will the SPR supply the market and its impact to the international oil market.
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- Executive Summary
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