China's state-owned oil giants stop Russian crude purchases: Report
China's big state-owned oil companies have just hit pause on buying Russian crude shipped by sea.
This move follows fresh US sanctions on Russian energy giants Rosneft and Lukoil, tied to the ongoing conflict in Ukraine.
With India also cutting back, Russia could see its oil income dip, and global energy trade might get a shake-up.
What does this mean for the global oil market?
Major players like PetroChina, Sinopec, CNOOC, and Zhenhua Oil are all in on the halt.
But independent Chinese refineries—who buy about 1.4 million barrels per day—may pause buying to assess the impact of sanctions but would still look to continue Russian oil purchases.
Pipeline deliveries (about 900,000 barrels daily) to PetroChina aren't affected yet.
As China and India look elsewhere for oil, expect more demand from places like the Middle East and Africa.