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Reuters: Sinopec halves Iran oil loadings under U.S. pressure

  • China’s Sinopec (NYSE:SNP) is cutting loadings of crude oil from Iran by half this month, Reuters reports, as the state refiner comes under U.S. pressure to comply with a ban on Iranian oil beginning in November.
  • Based on the prevailing supply contract between SNP and the National Iranian Oil Co., the loadings would be reduced to ~130K bbl/day, which would have comprised 20% of China’s average daily imports from Iran in 2017, according to the report.
  • The move comes after senior U.S. officials reportedly visited SNP in Beijing last month, demanding steep cutbacks in Iranian oil purchases.

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SNPTY--
China Petroleum & Chemical Corporation