The reported call points to commercial inventory drawdowns by state-owned refiners, a shift that could support refining margins, benefit Sinopec and coincide with Beijing’s tanker fleet expansion.
Macquarie reportedly forecasts that China’s state-owned refiners will begin drawing down commercial oil stockpiles from Q3 2026. The expected inventory reduction could tighten available crude supplies inside the refining system, supporting refining margins and potentially lifting Sinopec. The reported outlook also comes as Beijing expands its tanker fleet, suggesting a broader effort to strengthen energy logistics and supply management.