Russian ESPO Oil Sellers Seek Record Premiums
Russian oil sellers are asking record premiums for ESPO Blend deliveries to China. The surge is driven by strong demand and higher freight costs amid Middle East export uncertainties.
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Russian oil sellers raised ESPO Blend offers to China to record premiums above $30 a barrel to Brent Crude Oil during Friday morning trade. The surge follows mounting freight costs and disruptions linked to the conflict involving Iran. Independent refiners face negative margins at these levels, according to traders familiar with the matter.
