What specific crude oil purchases did Hengli Petrochemical cancel, and how much volume was involved?

Hengli Petrochemical cancelled deals for at least 6 million barrels of crude oil, including 2 million barrels of West African oil delivered to third-party storage tanks in east China last month, and two separate 2-million-barrel Middle Eastern crude cargoes scheduled for delivery in July — one of which has been resold, according to trade sources cited in the article.

How has Hengli’s refinery output been affected by the cancellations and U.S. sanctions?

Unable to replenish inventory with non-sanctioned oil, Hengli further cut refining throughput, shutting down one of its two 200,000-barrel-per-day crude distillation units in late June, reducing overall operating rate to 50% — down from about 70% earlier in June and over 80% in May, as reported by Reuters and confirmed by two trade sources.

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China's Hengli Scraps West African, Middle East Oil Purchases and Cuts Output, Sources Say

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Hengli Petrochemical cancelled roughly 6 million barrels of crude oil deals amid U.S. sanctions pressure, reducing its refinery operating rate to 50% as inventory levels drop.

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