85860
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.

 

Short URL : https://goo.gl/9jJU8N
  1. https://goo.gl/9y6szh
  • https://goo.gl/XSBzHR
  • https://goo.gl/fQSd5o
  • https://goo.gl/oh8kfw
  • https://goo.gl/jxWUXj

You can also read ...

Iran LPG Shipments Reach 400K Tons
Iran's LPG shipments lifted or due for lifting in May fell...
BP Suspends Work on Rhum Gas Field
BP has stopped work on Rhum Gas Field in the North Sea, which...
Gasoline Consumption Up 8 Percent
Gasoline consumption in the second calendar month that ended...
Oil Prices Slip on Potential Easing of OPEC Supply Curbs
Oil prices eased on Wednesday as the possibility of higher...
Crude Exports on a Mild Hike
Iran's crude exports have been experiencing a modest increase...
EU Eager to Avert New US Sanctions
The European Union states have the political will to implement...
Austria's OMV Stands by Iran Project
Austrian energy group OMV is continuing with planned Iranian...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus