• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 14 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 9 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 12 hours Europe: The Cracks Are Beginning To Show
  • 2 hours Hong Kong protesters appeal to Trump for support.
  • 13 hours Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 9 hours Ban Fracking? What in the World Are Democrats Thinking?
  • 3 hours Millennials: A boil on the butt of the work ethic
  • 27 mins A little something for all you Offshore swabbies
  • 11 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 13 hours LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 4 hours Shale profitability
  • 2 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 4 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 22 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 9 hours Let's shut down dissent like The Conversation in Australia
Shale Stocks Surge On Major Jump In Oil Prices

Shale Stocks Surge On Major Jump In Oil Prices

US shale drillers saw their…

Is Libya Facing A New Oil Crisis?

Is Libya Facing A New Oil Crisis?

Libya’s NOC condemned the setting…

Sinopec To Resume U.S. Oil Imports

Refinery

The international trading arm of China’s refining major Sinopec, Unipec, will resume U.S. crude oil purchases from October, three sources told Reuters on condition of anonymity. However, it remains unclear exactly how much oil Unipec will buy, how much of it the company will use at its refineries, and how much it will sell on to third parties.

The company had suspended crude oil imports from the United States amid the trade spat between Washington and Beijing in anticipation of crude oil making it onto the tariff list. When this did not happen, Unipec started buying U.S. crude again despite the trade dispute escalation that saw China slap 25-percent tariffs on U.S. oil products and coal.

Sinopec was among the most active lobbyists against tariffs on U.S. crude oil back in June when the topic was discussed by the government. It is also one of the biggest Chinese importers of U.S. crude. Total U.S. shipments to China in the period January-May this year hit 350,000 bpd, according to EIA data, more than United States producers exported to Canada.

There has been much speculation about whether China will at some point slap tariffs on U.S. oil if bilateral relations continue to deteriorate. U.S. oil shipments to China account for just 3 percent of the country’s total imports of the commodity. China, on the other hand, accounted for a fifth of U.S. crude exports in May, according to EIA export data. In other words, U.S. producers depend more on China for their exports than China depends on them for its imports, at least on the face of it.

However, as oil demand remains stable across the world, it would be easier for U.S. producers to find alternative buyers than it would be for Chinese refiners to find alternative suppliers should Beijing decide to add crude oil to its tariff list of U.S. products.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play