SINGAPORE : China's Unipec, the trading arm of top Asian refiner Sinopec, has emerged as a major seller of August-loading Oman crude this month, a move that has helped to cap benchmark prices despite Saudi Arabia's plans to cut output next month. Unipec, according to trade sources and data collated by Reu
SINGAPORE : China's Unipec, the trading arm of top Asian refiner Sinopec, has emerged as a major seller of August-loading Oman crude this month, a move that has helped to cap benchmark prices despite Saudi Arabia's plans to cut output next month.
The unusually large Oman crude sales began on June 1, traders said, just ahead of Saudi Arabia's surprise June 4 move to cut July output by 1 million barrels per day and as the world's biggest producer raised its official selling prices. The sales have occurred as June crude deliveries to China are forecast to rise after hitting the third-highest monthly level in May, data from analytics firms Kpler and Vortexa showed.
Strong crude imports and refinery maintenance in the second quarter have also boosted China's commercial crude inventory to 962 million barrels, the highest since end-2020, said Emma Li, analyst from data analytic firm Vortexa.
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