S&P Global Ratings expects mixed credit effects for major Chinese oil companies due to the Middle East conflict, according to a recent release.
Increased prices will boost the upstream companies' earnings, but feedstock supply constraints and price controls will hit downstream, S&P said.
China has high exposure to the Middle East as the region accounts for half of its total oil imports, the rating agency said.
Investor concerns range from the demand impact of disruptions in the Strait of Hormuz to the credit strength of Chinese national oil companies, the rating agency said.
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