Chinese government rejects Sinopec's request to tap 95mln bbls of national commercial reserve, according to reports; Chinese government tells state refiners stockpiles under 'strategic petroleum reserve' are off-limits for release for now

The Chinese government's rejection of Sinopec's request to access substantial national reserves underscores their commitment to controlling domestic supply and prices, especially amid global energy volatility. This decision may tighten supply conditions within China and could have ripple effects on global oil prices, particularly for imports and competing producers in the market.