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China Is Quietly Taking Cheap Russian Crude as India Buys More

  • Chinese teapots, state refiners purchase ESPO, Urals: traders
  • Indian Oil Corp. buys additional Urals, takes Far East Sokol

China’s oil refiners are discreetly purchasing cheap Russian crude as the nation’s supply continues to seep into the market.

Unlike India’s state-run oil refiners, which have issued a number of tenders seeking to buy Russia’s flagship Urals crude among other grades, traders say China’s state processors are negotiating privately under the radar with sellers. The nation’s independent refiners are also quietly buying, according to traders who asked not to be identified as the information is confidential.