• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 9 hours COVID is real now
  • 1 day Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 16 hours The Boris Yeltsin of America
  • 12 hours Where is Alberta, Canada headed?
  • 1 day Why Putin is popular in Russia
  • 5 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 7 hours Joe Biden offers advice to correct the public health
  • 12 hours There Has Been No Trump Manufacturing Boom Even Before Covid
  • 23 hours Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"

Breaking News:

Oil Climbs On Major Crude Draw

Sinopec To Resume U.S. Oil Imports

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