Reuters quoted trade sources as saying that Sinopec has reduced the purchase of Russian ESPO crude oil in July because other buyers including India are willing to pay a higher price.
It is reported that Sinopec, the largest refining dealer in Asia, reduced the purchase of oil from Russia, indicating that its previous purchase was economic, not political considerations.
China and India's oil companies have increased oil from Russia in May and June, although the West imposed sanctions on Russia due to Ukraine conflicts, disrupting global oil trade.
Four sources involved in the market and unwilling to disclose their names to Reuters that after Sinopec's joint petrochemical exporters to Russia through its trade subsidiary, it is expected to reduce the amount withdrawal in July in JulyEssenceRussian exporters subsequently sold crude oil to more bid trading companies and other Chinese customers.
According to the data of the trader and the tanker tracking company Vortexa Analytics, Sinopec has been the largest buyer of ESPO crude oil in the past two months, and has snapped up 20 million barrels.
Sources said that according to the offshore price (FOB), Sinopec's July quotation is about $ 20 per barrel from the Middle East indicator Dubai's crude oil (Same as S $ 27.7)The price paid in June is similar, and the July transaction was reached at a price of 8 to 13 US dollars per barrel of water.
"Sinopec's goods may be very small, because their offer is too low for the Russians", one of the sources, also a trading director in China.
