The National Development and Reform Commission, the country’s state planner, asked the state-oil companies to report on their use of imported crude oil over the past few years, Reuters reports, citing unnamed sources.
“NDRC said it will focus on resales and tolling schemes.”
“The urgent notice is issued to Sinopec Group, China National Offshore Oil Corporation (CNOOC), Sinochem Group, ChemChina, and China North Industries Group.”
This could be in the wake of China’s attempt to curb the increase in commodities prices. Last week, the country’s state council announced that Beijing “will strengthen its management of commodity supply and demand,”
Fresh Chinese headlines on commodities regulation seem to be weighing on WTI prices.
The US oil flirts with daily lows near $65.70, down 0.70% on the day.
