May 23, 2018 / 11:40 AM / a month ago

China's Sinopec to boost U.S. crude oil imports to all-time high - sources

SINGAPORE, May 23 (Reuters) - Sinopec, Asia’s largest refiner, will boost U.S. crude oil imports to an all-time high as part of efforts by China to reduce its trade deficit with the United States, two sources with knowledge of the matter said on Wednesday.

The company’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company.

“The government has encouraged us to lift more U.S. crude,” one of the sources said.

Sinopec could not be immediately reached for comment.

Reporting by Florence Tan; Editing by Adrian Croft

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