Oil Majors Drop Deals with Chinese Refiner Sanctioned by the UK

International oil majors have canceled spot cargo sales of Middle Eastern and Canadian crude to Shandong Yulong Petrochemical after the Chinese refiner was sanctioned by the UK last week, Reuters reported on Thursday, quoting sources with knowledge of the deals. Last week, the UK sanctioned the two largest Russian oil majors, Rosneft and Lukoil, as well as several entities “involved in supporting the Russian energy sector,” including Shandong Yulong Petrochemical Company, China’s newest refiner, which sources…