Increase market resources The annual rotation of national reserves of refined oil products is opened

On October 31, the State Food and Material Reserves Administration announced that it had recently organized the annual rotation of refined oil from the national reserves, and the gasoline and diesel oil from the warehouse were rotated to increase market resources and alleviate the supply shortage. The implementation of the regular rotation of national oil reserves is an important way to give play to the role of reserve market regulation.

Give full play to the regulating role of the reserve market

According to the State Food and Material Reserves Administration, with the approval of the National Development and Reform Commission and the Ministry of Finance, the State Food and Material Reserves Administration has recently carried out the annual rotation of refined oil from national reserves. According to the recent domestic supply and demand situation of refined oil, in view of the need to ensure supply and stabilize prices in some regions, the gasoline and diesel oil that are rotated out of the warehouse are used to increase market resources, alleviate supply tension, and play a role in regulating the national refined oil reserve market.

The State Food and Material Reserves Administration said that it will strengthen the supervision and management of the whole process of the rotation of refined oil products in the national reserves to ensure the safe and efficient completion of the rotation task.

"The implementation of the normalized rotation of national oil reserves is an important way to play the role of reserve market regulation. Releasing national reserve crude oil to the market through open bidding will better stabilize the supply and demand in the domestic market and effectively guarantee national energy security. The State Food and Material Reserves Agency noted.

On September 9 this year, with the approval of the State Council, the State Food and Material Reserves Administration organized the release of national reserve crude oil in phases and batches in a rotational manner for the first time. At that time, the State Food and Material Reserves Administration said that the launch was mainly for domestic refining and chemical integration enterprises to alleviate the pressure on the rise in raw material prices of production-oriented enterprises.

Build a diversified supply guarantee pattern

At present, international oil prices have risen to a nearly seven-year high. Everbright Securities believes that the shortage of natural gas will drive the demand for crude oil, and the gap between supply and demand may further widen.

However, the increase in U.S. crude oil inventories exceeded expectations, coupled with the fact that Iranian crude oil is expected to return to the market, and the expectation of repairing the supply-demand gap is also increasing, and international oil prices have fallen slightly in recent days. On October 30, Brent crude oil futures fell $0.26 per barrel to settle at $84.32 per barrel, down 0.31%, after hitting a two-week low of $82.32 per barrel earlier in the session. U.S. crude futures rose $0.15 to settle at $82.81 a barrel, after hitting a two-week low of $80.58 a barrel earlier in the session.