Sinopec steps up Russian oil imports

China’s state-owned Sinopec, the world’s biggest refiner, has ramped up purchases of Far East ​Russian oil to compensate for Middle East supplies diminished by the Iran war, reports Reuters.

Sinopec has bought a total of 30 to 40 shipments, ​or about 241,000 to 320,000 barrels per day (bpd), of Russia’s Eastern Siberia-Pacific Ocean (ESPO) blend for July to September deliveries, according to several sources, who spoke on condition of anonymity. That equates to 5% to 6% of the refiner’s processing capacity ⁠of 5.2 million bpd.

Sinopec had suspended purchases of Russian oil in October after Washington imposed sanctions. However, the refiner resumed Russian oil purchases in March and April after a temporary US waiver ​buying roughly 10 cargoes and increasing ​volumes after the waiver expired as ⁠the Iran war squeezed supply.