SINOPEC May Import Over 10 Million Tons of Crude Oil From US in 2018
Xu Wei
DATE:  Feb 26 2018
/ SOURCE:  Yicai
SINOPEC May Import Over 10 Million Tons of Crude Oil From US in 2018 SINOPEC May Import Over 10 Million Tons of Crude Oil From US in 2018

(Yicai Global) Feb. 26 -- SINOPEC Group's crude oil imports from the US will maintain their rapid growth next year, with the total import volume expected to top 10 million tons, Guangming Online reported today.

UNIPEC, a trading company of China Petrochemical Corp. imported a total of 5.6 million tons of crude oil from the US last year, about 10 percent of all US crude oil exports for 2017. The largest US crude oil trader has become an important leader and participant in US crude exports, the report said.

China imported 420 million tons crude oil in 2017, surpassing the US to become world's largest crude oil importer. The two countries' energy markets are becoming more complementary, and so energy cooperation will further increase in future, the report added.

America's crude oil output will increase by 1.26 million barrels/day to 10,590 next year, the US Energy Information Administration estimates, with 80 percent of the mid- to long-term global crude oil supply rise coming from the United States.

Follow Yicai Global on
Keywords:   US,UNIPEC,Sinopec Group,Oil