Sinopec, China’s state-owned refining giant, has increased its imports of Russian oil to offset supply disruptions from the Middle East. These disruptions stem from regional geopolitical tensions, including the Iran conflict and the blockage of the Strait of Hormuz, which have cut Gulf production by millions of barrels per day. This strategic sourcing shift highlights the broader impact of geopolitical tensions on oil markets and could influence pricing and speculation regarding crude oil reaching new all-time highs.
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