Sinopec Increases Imports of Russian ESPO Crude to Offset Middle East Shortages

China's state-owned petrochemical corporation Sinopec is increasing imports of Russian ESPO (East Siberia—Pacific Ocean) crude oil. According to Reuters, the shift is driven by the need to compensate for declining supplies from the Middle East, where geopolitical tensions have disrupted logistics chains. Supply Volume and Capacity Impact Trading sources report that Sinopec contracted between 30 and 40 cargoes of ESPO crude for the period from July to September 2026. Daily import volumes range from 241,000 to 320,000 barrels. These figures represent approximately 5% to 6% of Sinopec's total refining capacity, which is estimated at 5.2 million barrels per day.