Despite the ongoing U.S.-China trade war and the upcoming U.S. sanctions on Iran’s oil exports, China’s and Asia’s biggest refiner, Sinopec, will continue to buy crude oil from both the United States and Iran as it was more interested in diversifying its crude sourcing base, a senior Sinopec official said this week in one of the company’s first public comments about the various geopolitical issues on the oil market these days. “About 85% of our feedstocks are imported from overseas. We need to diversify,” Sinopec’s vice president Huang Wensheng said at an earnings briefing in Hong Kong, quoted by S&P Global Platts. The United States, which aims to bring Iran’s oil exports to ‘zero’, hasn’t been able to persuade Tehran’s biggest oil customer, China, to reduce oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran. Sinopec takes around two-thirds of China’s oil imports […]