China is finally ready to test out its state crude oil reserves

China is finally ready to test out its state crude oil reserves

China is selling its first ever batch of crude oil from its strategic petroleum reserve tomorrow (Sep. 24). This is the “coming of age of China’s [strategic petroleum reserve],” said Michal Meidan, director of the China energy program at the Oxford Institute of Energy Studies in London. “What’s happening on Friday is a test, the first test, of China’s SPR mechanisms…China has never done an SPR release before.”