Offer levels for Russia’s Urals and ESPO crude, as well as fuel oil, surged over the past weeks, according to traders with knowledge of the matter. Increased interest from Chineseand large private refiners such as Sinopec, PetroChina and Hengli Petrochemical, in addition to a jump in Indian demand, led cargoes to be snapped up at higher prices, they said.
The larger refiners have muscled into a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers of discounted Russian crude.oil from the nation’s Far East has been a particular favourite due to its short shipping distance. Offers for ESPO that’s typically loaded at Kozmino port was close to $6.50 to $7 a barrel below ICE Brent on a delivered basis to China, while flagship Urals shipped from western ports was around $10 under the same benchmark, said traders. That’s an increase of as much as $2 from last month, marking one of the steepest jumps since sanctions were imposed on 5 December, they added.after most others shunned its energy due to the war in Ukraine.
More importers are comfortable with methods to reduce their risk exposure by asking sellers to handle shipping and insurance, on top of using non-western banks and making payments in yuan, rupees, dirhams or rubles.
Russia is expected to maintain crude production longer than many expected, according to S&P Global Vice Chairman Dan Yergin. There’s going to be a slow decline in its output but not the “dramatic fall off a cliff that some people projected a year ago,” he told
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