40 Russian shipments reshape CNPC oil supply

China's Sinopec, the world's largest refining company, has focused on increasing its purchases of Russian oil routed from Eastern Siberia to compensate for the supply shortages from the Middle East caused by the Iran war. The company imported between 30 and 40 shipments of a mix from Eastern Siberia and the Pacific Ocean (ESPO) between July and September, at an average rate of around 320,000 barrels per day, accounting for about 5-6% of its total refining capacity of 5.2 million barrels daily. The lower prices of Russian oil helped maintain stable operation levels for its refineries despite a significant decline in imports from China since the war's outbreak. Additionally, Sinopec exported part of its surplus petroleum products after lifting restrictions on fuel sales during July and August. Following a 41% drop in China's oil imports in June—driven by weak supplies from the Middle East and shipping disruptions—the reliance on Russian oil became more evident, as Russia provided cheaper crude—about $10 less per barrel compared to competing grades like Oman or Brazilian oil. Despite U.S. sanctions imposed on Russia in October, Sinopec continued purchasing oil through intermediaries, paying in yuan to reduce dependence on the dollar. This marks a significant shift in Sinopec’s oil supply map, increasingly relying on Russian oil due to the shrinking of Middle Eastern supplies.

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