Sinopec steps up Russian oil imports to offset Mideast supply cuts, traders and tracker say

Sinopec has increased purchases of Far East Russian oil to offset reduced Middle East supply amid the Iran war, per trade sources and ship tracking data. The substitution implies tighter/reshuffled regional crude flows and potential changes in refining input costs and crude differentials.

Analysis

Sinopec has increased purchases of Far East Russian oil to offset reduced Middle East supply amid the Iran war, per trade sources and ship tracking data. The substitution implies tighter/reshuffled regional crude flows and potential changes in refining input costs and crude differentials.