Having slashed Saudi crude imports for May by 40 percent, China’s Sinopec—the largest oil refiner in Asia—will continue to cut imports of the flagship Saudi crude grade in June and July, as the prices for other Middle Eastern grades are more favorable, two executives at Sinopec’s trading arm Unipec told Reuters on Tuesday. Earlier this month, Unipec executives said that Sinopec had requested 40 percent lower Saudi oil import loadings for the month of May and that the request had been approved. Sinopec asked for lower Saudi oil imports after Saudi Aramco unexpectedly raised the official selling price (OSP) of its flagship Arab Light crude grade to Asian customers for May loadings. Now it looks like Sinopec has decided to continue to cut Arab Light imports, although the executives didn’t elaborate on how much the reduction in June and July would be. “Arab Light’s economics are not as good […]