Russian oil sellers have raised ESPO Blend offers to China to record levels, supported by strong demand and higher freight costs driven by the war, although some independent Chinese refiners may baulk as margins turn negative, traders said, according to Reuters.
Far East ESPO Blend cargoes for end-December and January delivery have been offered at premiums above $25 a barrel to ICE Brent, with two offers heard above $30 a barrel delivered to China, traders said.
