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Chinese Refiners Shift Back to Russian Crude Amid Middle East Disruptions

Guavy AI Editorial Team
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Oil
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Chinese refiners are buying more Russian crude despite sanctions due to disruptions in Middle East exports.

The Iran conflict has resulted in a decrease in oil shipments through the Strait of Hormuz, making ESPO Blend crude from Russia a safer bet for Chinese buyers.

Two major Chinese refiners purchased most of the Russian ESPO Blend crude loading from Kozmino port in September at a discount of $1 to $3 per barrel compared to August-loading ESPO.

In contrast, Iranian oil prices have increased due to the conflict and are now offered at discounts of around $8 per barrel for delivery to Shandong.

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