China's state-owned Sinopec is buying more cheap Russian ESPO crude to replace reduced Middle Eastern supplies after the Iran war, while cutting Saudi oil purchases.

INTELLIGENCE SUMMARY

China's state-owned Sinopec is buying more cheap Russian ESPO crude to replace reduced Middle Eastern supplies after the Iran war, while cutting Saudi oil purchases. The Russian crude is bought through intermediaries and paid for in Chinese yuan, helping China keep refineries running and fuel exports steady. Source: Reuters