China boosts Russian oil imports during Middle East crisis

China's Sinopec, the world's largest refining company, plans to increase its imports of Russian oil, particularly from the Far East region, to compensate for supply shortages from the Middle East due to the Iranian conflict. Between July and September, the company purchased between 241,000 and 320,000 barrels per day of Russian oil, accounting for about 5 to 6% of its total production capacity of 5.2 million barrels per day. This move comes despite China's overall oil imports declining by 41% in June due to the war. However, Sinopec has benefited from strong export margins and secured reserves by sourcing Russian oil from trusted suppliers, while also increasing its supply of Russian Espo crude to ensure production stability.

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