Reuters: China’s Sinopec has suspended the purchase of oil from U.S.

ECONOMY

Basereporter.com August 3. Trading unit Unipec Chinese petrochemical Corporation Sinopec has suspended the import of crude oil from the United States in connection with the deterioration of trade relations between the two countries. On Friday Reuters reported, citing sources.

As reported by one of them, the exact period of suspension of import unknown, however, Unipec will not place any new orders for oil until at least October. Previously, the company said that by the end of the year plans to organize the purchase of oil from the United States of up to 300 thousand barrels per day, which is three times more than last year.

According to the Agency, Chinese oil importers have already started the process of reducing purchases from the United States to avoid the influence from higher trading fees on the American side. On 1 August it became known that the President of the United States Donald trump instructed the U.S. representative for trade negotiations Robert Leitheiser to consider the introduction of fees in the amount of 25% instead of the previously planned 10% on imports of Chinese goods and services worth $200 billion. Chinese authorities said they would be forced to give an answer to the increasing protectionist policies of Washington and is already properly prepared for the aggravation of contradictions in trade with the United States.

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