Chinese firm Sinopec has purchased a record 16 million barrels of US oil, worth around $1.1bn, as trade tensions between the One nations appear to ease. two anonymous source said the Chinese authorities had "encouraged us to lift more US crude", while domestic refiners were looking to reconfigure their plants to process the oil. It is unclear whether imports to China have actually increased following trade talks, but insiders said US pipeline and port capacity is already straining under the demand.
Chinese firm Sinopec has purchased a record 16 million barrels of US oil, worth around $1.1bn, as trade tensions between the two nations appear to ease. One anonymous source said the Chinese authorities had "encouraged us to lift more US crude", while domestic refiners were looking to reconfigure their plants to process the oil. It is unclear whether imports to China have actually increased following trade talks, but insiders said US pipeline and port capacity is already straining under the demand.