China's teapots boost Russian ESPO buying amid record discounts, traders say
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Chinese private refiners, known as "teapots," are increasing purchases of Russian ESPO Blend crude due to record discounts of $7-$8 per barrel versus ICE Brent. Western sanctions have pressured Russian oil values, leading to deeper discounts and renewed buying interest. State refiners avoid Russian crude, while Iranian oil offers competition. Discounts for Urals crude exceed $10 per barrel. Despite sanctions, wider discounts may support Russian exports to China until 2026.
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