Sinopec Ditches Saudi Oil for Russian Crude Amid Iran War Disruptions

Sinopec, China's largest refiner, is shifting its oil imports towards Russian Far East crude in response to the ongoing Iran war. The conflict has disrupted Middle Eastern crude supplies, leading Sinopec to seek alternative sources with greater delivery certainty and lower costs.

Discounted ESPO crude from Russia offers a more attractive option for Sinopec, which is importing less oil from Saudi Arabia due to falling imports and increasing prices. With the Iran war causing uncertainty in global energy markets, Sinopec's move towards Russian oil reflects changing trade patterns and supply dynamics.