China’s Oil Giants Begin Selling Crude as Refinery Cuts Deepen

China's top state-owned oil companies, including Sinopec and Sinochem Group, are selling crude oil for May deliveries, a surprising shift as they've been reducing refinery operations due to skyrocketing oil prices and tighter Middle Eastern supply. This rare move indicates the severity of the situation, as these giants typically prioritize refining over selling crude. The crude sold, sourced from Nigeria and Ghana, is primarily headed to Asian refiners like those in Indonesia and Taiwan, highlighting the global impact of China's strategic decisions on the oil market.