What prompted Sinopec to purchase Russian ESPO crude in March–April 2024, and how much did it buy?

Sinopec purchased 8 to 10 cargoes (each 740,000 barrels) of Russian ESPO blend crude loading in March and April to replace Middle Eastern supply after the U.S. issued a temporary 30-day waiver of sanctions on seaborne Russian oil purchases from mid-March to April 11, aimed at easing global energy supply tightness amid the U.S.-Israeli war with Iran; the company had suspended such purchases since October due to Western sanctions.

Why was Sinopec especially vulnerable to Middle East supply disruptions, and what operational impact did this have?

As the world's largest refiner, Sinopec typically sources about half its crude from the Middle East, making it highly exposed to the near-closure of the Strait of Hormuz during the U.S.-Israeli war on Iran; as a result, it cut refinery runs by 5% in March while assessing Russian oil purchases under the U.S. waiver.

Sinopec buys Russian oil to replace Middle East supply after US waiver, sources say

Apr 14, 2026

Sinopec purchased 8 to 10 cargoes of Russian ESPO crude to offset Middle Eastern supply disruptions following a temporary U.S. sanctions waiver. This strategic shift occurs as China maintains high Russian import levels amid regional geopolitical tensions.

reuters

US Unlikely to Grant New Waiver to Buy Russian Oil, Wright Says

bloomberg

2026-04-14

Sinopec buys Russian oil to replace Middle East supply after US waiver, sources say

2026-04-30

Sinopec reports lower chemicals sales, wider loss amid mixed output trends

2026-05-24

Vessels carrying Middle East oil, LNG exit Hormuz, head for Pakistan, China

2026-09-08

China oil demand to fall 8.9% in 2026, Sinopec research says