Chinese state corporation Sinopec increased its imports of Russian crude oil to offset supply reductions from the Middle East caused by the war between the United States and Iran, Reuters reported.
According to Reuters, the additional purchases helped Sinopec maintain steady supply levels and resell extra fuel for significant profits. The company bought between 30 and 40 cargoes in total, which equals about 241,000 to 320,000 barrels per day.
Chinese Crude Imports
Overall Chinese imports of crude oil have fallen sharply since the conflict with Iran began. In June, total purchases dropped 41 percent compared to the same month last year.
Despite the broader drop, China increased its imports of Russian oil by 16.7 percent in the first half of 2026, taking in 57.28 million tons. The cost of those shipments rose 31.1 percent to $33.13 billion over the same period.
