China’s Oil Majors Sell Barrels as Run Rates Drop to 2022 Low

Chinese oil majors are selling cargoes of West African and other crudes, according to traders familiar with the deals, a rare move that follows utilization cuts across government-owned refiners as the war in Iran upends global supply.

At least two companies — Sinochem Group and the trading arm of Sinopec Group, known as Unipec — have sold cargoes from Nigeria, Angola and Ghana for loading next month, said traders familiar with the matter. The grades include Angola’s Girassol, Clov and Cabinda, Nigeria’s Agbami and Okwuibome, as well as Ghanan Jubilee, they added.