China to boost Brazil oil imports in Q3, replacing some Saudi supply – sources – Reuters

China to boost Brazil oil imports in Q3, replacing some Saudi supply – sources – Reuters

SINGAPORE, July 17 (Reuters) - Chinese oil refineries, led by heavyweight Sinopec (600028.SS), are set to boost Brazilian crude imports in the third quarter to replace some of the Saudi Arabian supply it cut after the kingdom hiked prices, industry sources said.

China, the world's top crude importer, has booked nearly 1 million barrels per day of Brazilian crude for August and September delivery, several traders said, of which 20 million barrels were purchased by Unipec, an arm of Sinopec, the top Asian refiner.

The volumes are significantly higher than the average in the first five months of the year, when China imported 3.02 million metric tons of Brazilian crude, or 729,125 barrels per day, Chinese customs data showed.