US sanctions on a key Chinese oil import terminal are redirecting crude flows and threatening run cuts at several state-owned refineries.
Last week’s blacklisting of the Rizhao Shihua Crude Oil Terminal, which handles about 9% of China’s crude imports, could force run cuts of up to 250,000 barrels a day at a handful of refineries near the port in Shandong province, analysts from Energy Aspects said in a research note. Several refineries owned by state-run Sinopec are likely to be hardest hit as they’re connected to the facility by pipeline.
US Sanctioning China Oil Terminal Threatens Sinopec Run Cuts
