Riyadh – Mubasher: China-based Sinopec plans to reduce crude oil imports from Saudi Arabia by 40% in May, an official from the firm’s trading arm, Unipec, said on Monday.
This step came after Saudi Aramco had raised its official selling prices (OSPs) more than forecast, he added.
Sinopec, Asia's largest oil refiner, deems the recent rises in Aramco's OSPs “unreasonable” and do not match the pricing methodology, the official noted.
Oil traders in Asia have struggled to understand how the world's largest oil producer set its OSPs for May after the unexpected price hike in Arab Light crude sold to Asian refiners, Reuters reported, citing the official as saying.
