Shafaqna English- Multiple trade sources and shipping data indicate that Sinopec, a state-owned Chinese refiner and the largest in the world, has stepped up its purchases of Russian crude from the Far East to make up for a shortfall in Middle Eastern oil supplies resulting from the Iran conflict.
The Russian crude purchased by Sinopec is priced lower than competing grades from Brazil and West Africa, enabling the refiner to sustain stable processing volumes and export surplus fuel at profitable margins. This comes even though China introduced restrictions on overseas fuel sales in March to safeguard domestic supply amidst the trade disruptions linked to the war.
Source: Reuters