Oil Price Hits $120 as China Blocks US Sanctions on Five Refineries
China’s Ministry of Commerce issued an injunction on May 2 voiding US sanctions on 5 Chinese oil refineries. The transfer marks Beijing’s first formal use of its 2021 anti-sanctions blocking guidelines. The order names Hengli Petrochemical, Shandong Jincheng, Hebei Xinhai, Shouguang Luqing, and Shandong Shengxing. The Ministry of Commerce of the People’s Republic of China…
