China’s big refiners snapping up Russian oil

Major processing plants are reportedly squeezing out smaller players for supplies from the sanctioned country China's largest state-owned and private refineries are buying more Russian crude, driving up its price, and forcing smaller independent producers, known as ‘teapots’, to search for cheaper options, Reuters reported this week. Top Chinese buyers, which shunned Russian oil when the EU and G7 imposed an embargo and a price cap on the commodity in December, have restored confidence since then and joined the race for discounted oil. In February, state refiners PetroChina and Sinopec resumed imports, and in Marc

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