China oil majors resume seeking Russian oil after a 4-month halt, sources say
By Florence Tan
Published on March 17, 2026.
Chinese state oil companies, including Sinopec and PetroChina, have resumed seeking Russian crude cargoes after a four-month hiatus due to the Middle East war. The move is seen as a way to prevent supply shortages due to rising prices and tensions between the U.S.-Israel war on Iran. While no deals have been made yet, two sources suggest imminent transactions are imminent. The potential purchases would be the first since November. The situation is unclear as to whether payment and delivery can be completed within the 30-day waiver period.
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