Sinopec Cuts Russian Oil Purchases, Russia Becomes India's Top Naphtha Supplier

Sinopec Shanghai Petrochemical, one of China’s largest crude oil buyers, has announced a reduction in Russian oil imports in the first quarter of 2025, following more than a twofold increase last year, Orda reports, citing NikkeiAsia.

The company’s vice president cited “significant policy changes” driven by former U.S. President Donald Trump’s actions but did not elaborate on specific reasons. 

He also noted that predicting trends in the oil market has become increasingly difficult due to rising political and economic uncertainty.

Meanwhile, Russia has overtaken the United Arab Emirates as India’s leading naphtha supplier over the past year, Reuters reports, citing preliminary ship-tracking data. Indian refiners have increasingly turned to discounted Russian shipments, reshaping trade flows amid ongoing sanctions and global market realignments.