Sinopec Shifts to Russian Crude Amid Iran War Disruptions

China's largest refiner, Sinopec, is shifting its oil imports to Russian Far East crude due to disruptions in Middle Eastern supplies caused by the Iran war. The company is replacing Saudi oil with discounted ESPO crude, which offers lower costs and greater delivery certainty.

The move comes as global energy markets are being affected by the ongoing conflict. With Saudi imports falling sharply, Sinopec is taking advantage of the opportunity to source oil from Russia's Far East.