China’s Sinopec is increasing purchases of Russian crude for October as Middle Eastern oil supplies remain constrained. The move could make Russian barrels more expensive for smaller Chinese refiners, forcing some to seek costlier alternatives or cut production. That matters beyond oil: weaker refinery economics can also affect naphtha supply and raise pressure on China’s already struggling petrochemical and plastics sector.
Source:
Reuters, 2 September 2026 — “Sinopec extends bumper Russian oil buys, squeezing teapots, traders say.”