Riyadh – Mubasher: China-based Sinopec plans to reduce its purchases of Saudi crude oil in June by 40%, an official has said on Thursday.

 Asia's largest refiner took this move after the price of Saudi crude rose to its highest level in about four years, Reuters reported, citing the official as saying.

Saudi crude remained overvalued, compared with other grades in the Middle East, the Chinese company's representative added.

In May, Sinopec said that it will trim oil imports from Saudi Arabia by 40% in May after Saudi Aramco had raised its official selling prices (OSPs).