18JUN2019 - NEWS - Sinopec to substitute Iran crude with Saudi grades

Sinopec plans to substitute Iranian crude with that of grades from Saudi Arabia and other origins in the Persian Gulf, even as scope of more purchases from the US was limited due to the overall trade and tariff-related bilateral differences. Crude importers in China are concerned about possible escalation of the US-China tariff dispute that can lead to a slowdown, and were therefore cautious on stepping up imports from the US. There are no special import tariffs currently imposed by China on US crude. However, if the US levies further duties on Chinese goods on top of what has already been imposed, a possibility of China retaliating cannot be ruled out.

Published by Editor - www.Livebunkers.com at 18-Jun-2019 04:05:46 [UTC] , contact editor at editor@livebunkers.com