China’s Top Refiner Pivots to Russian Crude

AI Summary

China’s Sinopec has increased its purchases of Russia's Far East crude oil for Q3 deliveries, acquiring 30-40 shipments despite shipping constraints in the Middle East. This move underscores China's strategy to secure fuel supplies amid complex geopolitical contexts.

China’s Sinopec, the world’s top refiner by capacity, has boosted purchases of Russia’s Far East crude for delivery in the third quarter as it looks to secure cargo arrivals amid continued shipping constraints in the Middle East. State-run Sinopec has acquired as many as 30-40 shipments, or 241,000 to 320,000 barrels per day (bpd), of Russia's Eastern Siberia-Pacific Ocean (ESPO) for delivery between July and September, trade sources and vessel-tracking data analysts have told Reuters. The ESPO blend loaded from Russia’s…