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Exclusive: China's Unipec to buy U.S. oil after Xi-Trump tariff truce by www.expertcommodity.com

Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, three sources with knowledge of the matter said.

Trading arm of state refiner Sinopec (SS:600028) - is looking to import U.S. oil by March 1, which marks the end of a 90-day negotiating period agreed by the leaders of the world's two biggest economies.

China's crude oil imports from the United States ground to a halt in October as this year's trade war between the two countries escalated.

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"Chinese buyers who want to buy U.S. crude will rush to import the oil during this window," a senior executive from Asia's largest refiner Sinopec said, adding that the oil has to arrive in China before March 1.

"Oil prices are low, so it makes economic sense to store some crude as commercial inventories," said the executive, who asked not to be named.

Sinopec said it has a policy not to comment on specific trade deals. Unipec did not respond to an email.

Oil prices have slumped by around a third since early October amid an emerging glut, triggering expectations that the Organisation of the Petroleum Exporting Countries (OPEC) will agree to supply cuts at a meeting this week