China seen cutting Merey crude imports

摘要

Singapore—China is expected to cut its imports of the heavy sour Venezuelan Merey crude in the fourth quarter, and the trend could continue as demand from teapot refiners takes a hit from a structural slowdown. Chinaoil, the trading arm of state-owned PetroChina, is the sole importer of the grade and gets it under the government’s oil-for-loan deal with Venezuela.