Chinese Refiners Snap Up Russian ESPO Oil as Iran Pricing Dispute Lingers
- February cargoes sold out earlier than usual, traders say
- Teapots engaged in standoff as Iran seeks higher prices
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Private refiners in China have been buying up Russia’s ESPO oil faster than usual as a standoff with Iranian sellers over pricing continues.
Cargoes for February arrival — as much as 3.8 million tons — were sold out within the first two weeks of the month, according to traders who asked not to be named because the information isn’t public. Russia has lowered prices for ESPO, from the eastern part of the country, making the trade more attractive to China’s independent refiners.