Beijing rejects Sinopec's request to tap commercial reserve, sources say
Published on March 12, 2026.
China has rejected a request by refining major, Sinopec, to access 13 million metric tons (95 million barrels) of national commercial reserves to offset an expected supply gap due to the U.S.-Israeli war on Iran. The volume sought equates to roughly 19 days of SinopEC's crude processing or 40 days of its imports from the Middle East. The country's strategic petroleum reserve is also off-limits for release.
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