Chinese Refiners Pay Record Premiums for Russian ESPO Crude

Chinese refiners are paying a hefty premium for Russia’s ESPO crude to replace Iranian crude that independent refiners were importing before the U. S. installed its naval blockade on the country.

East Siberia-Pacific Ocean crude, or ESPO, for delivery in November is trading at a premium of over $7 per barrel, with offers reaching as high as $10 per barrel over Brent crude, Bloomberg reported today, citing traders.