12 May 2025: 16:30 BST
‘Nothing to see here,’ say the Saudis as their June allocations to Chinese refiners stick in line with the May allocations, coming to a total of 47.5 mil bbl. But within the headline figure, Unipec will have to tighten its belt as its allocation fell steeply to 10 mil bbl from 14 mil bbl in the previous allocation. Unipec’s been on a bumpy ride though this year’s allocations so far, dropping as low as 3 mil bbl in April before jumping to 14 mil bbl in May! Sinochem, Hengli and Shenghong all got a bump, while Rongsheng remains the biggest recipient, at a massive 16 mil bbl. The Saudi budget is already creaking under the weight of its enormous infrastructure and sports projects, and the PIF might have to cut back on its shopping spree. Whatever the Saudis may say about being able to weather the storm of low oil prices, it’s clear it would be a very painful experience for them… Just look at our analysis of Aramco’s earnings on the next page!
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
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