Asia's biggest oil refiner has slashed its purchases of Russian crude this month as it was unwilling to pay higher prices other buyers elsewhere, were offering, Reuters reported.
China-based Sinopec has been the largest buyer of ESPO, a type of Russian crude, in the past two months, acquiring about 20 million barrels.
But in July, the company is expected to snap up fewer cargoes after offering lower bids to Russian exporters.
"Sinopec may only lift a very small amount as their bids were too low for the Russians," a trade source told Reuters.
Sinopec bid for Russian crude at $20 a barrel below the price of the Middle East benchmark price for July cargoes, according to the outlet.
"Sinopec may only lift a very small amount as their bids were too low for the Russians," a trade source told Reuters.
Sinopec bid for Russian crude at $20 a barrel below the price of the Middle East benchmark price for July cargoes, according to the outlet.
Dubai-based trader Coral Energy, state-owned companies CNOOC, PetroChina and Shandong Port International Trade, however, outbid Sinopec for this month's shipments. READ MORE...
