Published: · Region: Global · Category: markets

Sinopec’s Pivot to Russian Crude Puts Quiet Market Pressure on Middle East Producers

China’s state-owned oil giant Sinopec is increasing imports of Russian crude to compensate for tighter Middle Eastern supply, according to traders and tanker-tracking data. The quiet shift deepens Moscow’s energy lifeline while sharpening competition for Asian market share among Gulf producers who have long counted on China as their demand anchor.

One of the world’s biggest buyers of oil is quietly redrawing the map of energy flows. Sinopec, China’s largest state-owned refiner, has increased its intake of Russian crude to offset supply cuts from the Middle East, traders and ship-tracking data indicated on 6 August. The adjustment is technical on the surface – volumes, grades, arbitrage – but its consequences reach from Moscow’s sanctioned export machine to Gulf producers’ long-term grip on Asia’s demand. The reported shift reflects a simple calculus: Russian barrels, shunned or restricted in much of Europe and North America, are available at a discount compared with many Middle Eastern grades, especially as some Gulf producers trim output…

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