Sinopec raises Russian ESPO crude imports in Q3 2026

China's state-owned Sinopec, the world's largest oil refiner, has significantly increased its imports of Russian crude oil for the third quarter of 2026, according to multiple trade sources and shipping data. The company has secured between 30 and 40 cargoes of Russia's Eastern Siberia-Pacific Ocean (ESPO) blend for delivery from July through September, equivalent to approximately 241,000 to 320,000 barrels per day.

This volume represents roughly 5 to 6 percent of Sinopec's total refining capacity of 5.2 million barrels per day. The strategic shift is widely seen as a move to offset diminished supplies from the Middle East, where the ongoing conflict involving Iran has disrupted traditional shipping routes and created volatility. Analysts note the purchases help Sinopec maintain stable refinery operations and capitalize on strong fuel export margins.

The ESPO crude, loaded from Russia's Far Eastern port of Kozmino, offers several advantages. It is priced at a discount of $1 to $2 per barrel against the Brent benchmark, making it about $10 cheaper than comparable grades from Oman and Brazil. Furthermore, its shipping time to China's east coast is only about one week, providing...