US, WASHINGTON (ORDO NEWS) — UNEP, the commercial arm of Asia’s largest refining company, Sinopec, has decided not to acquire more Saudi crude in April after rising freight rates, three insiders said.
The sources added that the refining company had initially asked for more Saudi oil after the world’s largest exporter of crude cut prices for supplies April loading.
But the sources said that the freight rates for tankers increased and reduced the impact of the big cuts on Saudi oil, which reduced its economic viability.
Also, two sources said, Saudi Aramco is offering more light crude, while UNEP favors medium and heavier grades.
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