August 7, 2026China’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. 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. Like this: Like Loading…