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Published on 27/03/2020 12:51:20 PM | Source: Reuters

Unipec decides against lifting more Saudi crude in April - sources

Posted in Commodity Top News| #Crude Oil #Oil and Gas Sector

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SINGAPORE - Unipec, the trading arm of Asia's largest refiner Sinopec, has decided against lifting more Saudi crude in April after freight rates surged, three sources familiar with the matter said.

The refiner had initially asked for more Saudi oil after the world's top exporter slashed prices for April-loading supplies, the sources said.

However, freight rates for oil tankers surged and offset the large discounts on Saudi oil, making it less economical, they said.

Also, Saudi Aramco was offering more light crude while Unipec's preference was for medium and heavier grades, two of the sources said.

Sinopec declined to comment.

 

(Reporting by Florence Tan and Shu Zhang; Editing by Shri Navaratnam and Clarence Fernandez)