- Sinopec has extended strong Russian oil buying into October, supported by improved refining margins.
- Trading of the October ESPO program was completed well ahead of the normal cycle, according to traders.
- China's August Russian oil imports were estimated at just over 400,000 barrels per day by Vortexa.
- Independent refiners face scarce Iranian oil and higher-priced alternatives as U.S. naval restrictions reduce Iranian shipments.
Quotes
“China's Sinopec Corp is extending its Russian oil buying binge”
“Trading of October ESPO programme completed way ahead of normal cycle, traders say”