China's Sinopec Boosts Russian Crude Imports Amid Mideast Shipping Woes

Sinopec, the world's largest refiner by capacity, has acquired 30-40 shipments of Russia's Eastern Siberia-Pacific Ocean (ESPO) crude, totaling 241,000-320,000 barrels per day, for delivery between July and September. This pivot is driven by persistent shipping constraints in the Middle East, prompting the state-run firm to secure cargo arrivals. This shift in global crude trade flows could influence international oil benchmarks, potentially impacting Pakistan's import costs and the USD/PKR exchange rate, which in turn may affect local gold prices.

بحوالہ / Source: oilprice.com