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Sinopec set to receive first US crude oil cargo since last September – report

Chinese oil giant Sinopec is set to receive its first US crude oil cargo this week since halting imports from the country in September, reported Reuters citing two sources with knowledge of the matteron Tuesday.

The supertanker Maran Artemis, carrying about 2 million barrels of U.S. West Texas Intermediate (WTI) Midland crude, is waiting off eastern China’s Qingdao port to discharge its oil, according to the report quoting Refinitiv analyst Emma Li.

Noble, a second Very Large Crude Carrier also carrying 2 million barrels of WTI Midland crude, is scheduled to arrive in Zhanjiang in southern China in early May, Refinitiv data showed.

China imported 245,600 barrels per day of US oil in 2018, equivalent to about 3-1/2 supertankers per month, data from China customs showed, equivalent to about 2.7 percent of China’s total imports.

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