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On April 9, China Unipec said Sinopec, Asia's largest refiner, planned to cut Saudi crude imports by 40 percent in May, driven by higher-than-expected prices at state-owned
oil company Saudi Aramco.
Prices are higher than expected Sinopec plans to cut Saudi crude imports by 40% in May
The official, speaking on condition of anonymity, said: "The company believes these prices are unreasonable because they do not follow the pricing methodology
.
" ”
Asian oil traders have been struggling to understand how Saudi Arabia's
official selling price (OSP) came about in May after Saudi Arabia unexpectedly raised the price of its flagship crude oil, which was sold to Asian refineries.
Saudi Aramco did not respond to
reports that Sinopec plans to cut imports.
Demand for loading crude oil in May will be lower in May than last month due to refinery maintenance, and because the port of Huangdao, one of China's largest oil ports, may be closed for a few days in early June due to a
government meeting, another source at Sinopec said.
The port of Huangdao, one of the few ports in Shandong province, China's main oil-importing province, has ultra-large tankers carrying 2 million barrels of oil each trip to unload oil and transport it
through pipelines to state and private refineries.
，
On April 9, China Unipec said Sinopec, Asia's largest refiner, planned to cut Saudi crude imports by 40 percent in May, driven by higher-than-expected prices at state-owned
oil company Saudi Aramco.
Prices are higher than expected Sinopec plans to cut Saudi crude imports by 40% in May
Prices are higher than expected Sinopec plans to cut Saudi crude imports by 40% in MayThe official, speaking on condition of anonymity, said: "The company believes these prices are unreasonable because they do not follow the pricing methodology
.
" ”
Asian oil traders have been struggling to understand how Saudi Arabia's
official selling price (OSP) came about in May after Saudi Arabia unexpectedly raised the price of its flagship crude oil, which was sold to Asian refineries.
Saudi Aramco did not respond to
reports that Sinopec plans to cut imports.
Demand for loading crude oil in May will be lower in May than last month due to refinery maintenance, and because the port of Huangdao, one of China's largest oil ports, may be closed for a few days in early June due to a
government meeting, another source at Sinopec said.
The port of Huangdao, one of the few ports in Shandong province, China's main oil-importing province, has ultra-large tankers carrying 2 million barrels of oil each trip to unload oil and transport it
through pipelines to state and private refineries.
，
