Sinopec Shifts to Russian Oil Amid Iran War Disruptions

China's largest refiner, Sinopec, is shifting its oil supply strategy due to disruptions in Middle Eastern crude caused by the ongoing Iran war. The company is increasing imports of Russian Far East oil, specifically ESPO crude, which offers lower costs and greater delivery certainty.

Saudi imports have fallen sharply, leading Sinopec to seek alternative sources for its refining needs. This move reflects the complex and rapidly changing dynamics in global energy markets.