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Chinese oil merchant Unipec intends to continue U.S. rough shipments to China by March after the Xi-Trump bargain at the G20 meeting lessened the danger of duties being forced on these imports, three sources with information of the issue said.
The sources disclosed to Reuters that Unipec is hoping to import U.S. oil by March 1, when the 90-day arranging period consented to by the pioneers of the world’s two greatest economies reaches an end.
China’s raw petroleum imports from the United States came to a standstill as an exchange war between the two nations heightened for this present year.
“Chinese purchasers who need to purchase U.S. rough will race to import the oil amid this window,” a senior official from Asia’s biggest refiner Sinopec stated, adding that the oil needs to land in China before March 1.
“Oil costs are low, so it bodes well to store some rough as business inventories,” said the official, who asked not to be named.
It was indistinct how much oil Unipec would arrange from the United States, yet one of the sources said U.S. volumes could hit a record in January.