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Unipec Increase Upper Zakum Crude Purchases for March

OIL

Unipec, the trading arm of Chinese state refiner Sinopec, has bought as many as 18 cargoes of Abu Dhabi’s Upper Zakum crude for loading in March this month according to Bloomberg. The purchased volume of approximately 9mbbls is greater than the usual purchased volume.

  • It is not known if the crude will be supplied to Sinopec refineries or will be resold. The increase could be due to a halt in Russian ESPO purchases since late 2022, a rise in downstream demand for products or purchased for good value according Bloomberg sources.
  • Chinese oil demand is in focus with support from fuel export quotas and with a potential increase in domestic consumption following the end of covid restrictions.
  • Apparent oil demand in China fell 3.9% y/y in December to 13.11mbpd and 2022 demand was down -3.24% to 13.03mbpd.
Energy BulletsCommodities
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