China has allowed state refiners to draw on commercial oil reserves as a six-week Middle East war tightens global energy supplies, according to people familiar with the matter. Companies including China Petrochemical Corp. and China National Petroleum Corp. will be permitted to use inventories held at storage and processing facilities. Analysts at Energy Aspects estimate potential drawdowns of around 1 million barrels per day between April and June, while other forecasts suggest similar levels i

China has allowed state refiners to draw on commercial oil reserves as a six-week Middle East war tightens global energy supplies, according to people familiar with the matter. Companies including China Petrochemical Corp. and China National Petroleum Corp. will be permitted to use inventories held at storage and processing facilities. Analysts at Energy Aspects estimate potential drawdowns of around 1 million barrels per day between April and June, while other forecasts suggest similar levels in the near term. China imports about 11 million barrels of crude per day, though authorities did not comment.