Unipec, the trading arm of Chinese state oil giant Sinopec, has rejected the allocation of 3mn barrels of term Arab Light, MEES understands. The firm had nominated Arab Medium and Arab Heavy for June loading, but was allocated the lighter grade by Aramco according to informed sources. Aramco declined to comment.
Global crude oil markets are increasingly imbalanced, with tight supplies of medium and heavy crudes alongside a glut of light barrels. Over the past year, soaring US production has pushed record volumes of WTI crude onto global markets, while Opec+ cuts have fallen disproportionately on medium and heavy sour grades. (CONTINUED - 873 WORDS)
