Sinopec said to cut May's oil imports as Saudi Aramco ups prices

China’s Sinopec is planning to slash Saudi crude oil imports in May by 40 percent as state-run Saudi Aramco set higher-than-expected prices, Reuters reported on Monday, citing an unnamed official from the company’s trading unit, Unipec. 

“Our refineries think that these are unreasonable prices as they do not follow the pricing methodology,” the official said. 

Asian oil traders have struggled to understand how Saudi Arabia derived its official selling prices (OSPs) for May after raising the price for its flagship Arab Light crude sold to Asian refiners.