A Chinese oil company has purchased a cargo of North Sea oil, in a rare move into the European crude market that highlights the extent to which supply disruptions have left buyers scrambling to secure alternatives.
Unipec, a subsidiary of Chinese state refiner Sinopec, has bought a cargo of Forties crude oil – one of four blends that make up the North Sea’s Brent benchmark – according to market participants. The cargo is set to load next week, although Unipec could yet sell it to another company before then.
The move is unusual as Chinese buyers tend to avoid the North Sea market because of the costs and time involved in transporting oil from north west Europe to China. If delivered, it would be the first North Sea cargo shipped to China since May, according to shipping sources.