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India's Eyes US Oil, China’s Offering Amid New Tariffs

Gasoil News - Published on Tue, 10 Sep 2019

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Bloomberg reported that an Indian state-owned refiner is mulling the purchase of American oil from Chinese sellers offering cargoes that would be hit by new tariffs on US supplies. Refineries Director Mr R Ramachandran said that Bharat Petroleum Corp is looking for opportunities to buy some US crude diverted from their original destination of China. He said the previously-reported purchase of up to two cargoes wasn’t finalized.

Beijing announced it would impose the 5% levies, the first ever Chinese tariffs on US oil on August 23 and they took effect September 1st. Six tankers carrying about 12 MMbbl of US crude were on the way to China at the time of the announcement. At least one of those vessels arrived before the deadline, while another ship may have offloaded its cargo at a port near Qingdao before the tariffs took effect.

People with knowledge of the matter said that Unipec - the trading arm of China’s state-owned oil giant Sinopec offered US crude that couldn’t arrive in the Asian country before September 1st in late August. At least three potential Asian buyers received offers from Unipec.

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Posted By : Rabi Wangkhem on Tue, 10 Sep 2019
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