Oil Disruption Widens as China Pauses Some Russia Buys on Curbs

Chinese state-owned companies including Sinopec canceled some purchases of seaborne Russian crude after the US blacklisted Rosneft PJSC and Lukoil PJSC, adding to signs of disruption in the oil market.

The majors have begun to assess the curbs, as well as similar moves by the EU, according to people with knowledge of the situation, asking not to be identified discussing sensitive issues. The companies halted purchases of some spot cargoes, mostly ESPO, a grade from Russia’s Far East, they said.