trending Market Intelligence /marketintelligence/en/news-insights/trending/5ql-elsvqvu3jrpvjusyna2 content esgSubNav
In This List

Report: Sinopec to increase US crude oil imports to record high

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Report: Sinopec to increase US crude oil imports to record high

Looking to cut its trade deficit with the U.S., China Petroleum & Chemical Corp. intends to increase its crude oil imports from the country, sources told Reuters.

Sinopec's trading unit, Unipec, purchased 16 million barrels, or about 533,000 barrels per day, of crude from the U.S. that will be delivered in June, according to Reuters.

In 2017, China surpassed the U.S. in annual gross crude oil imports, which reached a total of 8.4 MMbbl/d, data from the U.S. Energy Information Administration shows. The agency said this was due to new refinery capacity and strategic inventory stockpiling combined with declining domestic oil output.

Imports increased as China experienced the sharpest decline in domestic petroleum and other liquids production among non-OPEC countries in 2016.

Additionally, the EIA estimates that China's crude oil and liquids demand in 2017 continued to rise for the ninth consecutive year, growing by 0.4 MMbbl/d, or 3%, to 13.2 MMbbl/d.