Sinopec extends bumper Russian oil buys, squeezing teapots, traders say

Sinopec is extending its Russian oil buying, aiming to lock in higher refining margins, which is tightening crude availability for smaller independent refiners. The squeeze is compounded by reduced Iranian shipments attributed to a U.S. naval blockade, leaving independents with fewer supply options. The news is modestly negative for smaller refiners’ throughput economics, though it supports margin capture for larger operators like Sinopec.