China Increases Oversight On Crude Import Of Oil Majors

Chinese authorities have urged some of the biggest state-owned oil firms to provide information about their use of imported crude as part of a wider attempt to close tax loopholes and reduce the fuel glut, Reuters reported on Thursday, citing an “urgent notice” to the state companies it had reviewed. According to the notice, Sinopec, China National Offshore Oil Corporation (CNOOC), Sinochem Group, ChemChina, and China North Industries Group had to provide to the National Development and Reform Commission (NDRC) historical information…