China’s Unipec to resume U.S. oil purchases after tariff policy change – sources

SINGAPORE/BEIJING (Reuters) – China’s Unipec will resume purchases of U.S. crude oil in October after a two-month halt due to the trade dispute between the world’s two largest economies, three sources with knowledge of the matter said. The decision to start buying crude oil again from the United States comes after Beijing earlier in August excluded it from its import tariff list. A source with knowledge of the matter said Unipec will “buy some U.S. crude, loading in October, following the change in Beijing’s policy.” “Unipec’s imports shrunk when China retaliated by putting crude oil on the tariff list but now it is coming back to normal business with import volumes recovering,” a second source said. The sources spoke on condition of anonymity as they were not authorized to discuss commercial deals with media. Unipec did not respond to a request for comment. For a graphic on U.S. crude oil exports to China, click tmsnrt.rs/2P4zVOn Unipec, the trading arm of Asia’s biggest refiner Sinopec (600028.SS) and also one of the largest buyers of U.S. oil, stopped loading American crude in August and September after Beijing announced in June that it plans to impose a 25 percent tariff on crude oil imports… continue reading

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