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China Cuts Saudi Crude Imports
China Cuts Saudi Crude Imports

China Cuts Saudi Crude Imports

China Cuts Saudi Crude Imports

China’s Sinopec will cut its June imports of crude from Saudi Arabia by 40% for the second month in a row because of "unjustified" high prices, an official from the top Asian refiner, Unipec, told Reuters. Saudi Arabia raised the price for its Arab Light to a four-year high, and according to the Unipec official, the grade is now considerably overvalued compared to other Middle Eastern crudes, RT reported. Last month, a Unipec official told Reuters, “Our refineries think these are unreasonable prices as they do not follow the pricing methodology.” Besides Sinopec, a source from another two refineries in northern Asia said they will be cutting their imports from Saudi Arabia by 10% as oil buyers have a hard time grasping how the kingdom is calculating the price of its most popular grade. The price increase came as a surprise to the biggest crude market in the world. However, it is likely that Sinopec will be penalized for the reduction.

 

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