GO
| HSI1 | 24,963.23 | -247.58 | 209.88B |
| HSCEI1 | 8,271.06 | -81.61 | 65.42B |
| Back Zoom + Zoom - Block Traded | |
|
CN Reportedly Rushes to Buy Russia's Flagship ESPO Crude
2026-07-24 14:30:42 Mounting risks to Middle East oil supplies have prompted refiners to lock in supplies earlier, leading Chinese buyers to flock to purchase Russia's flagship ESPO crude several weeks earlier than usual, Bloomberg, citing sources, reported. August-loading cargoes from Russia's Pacific coast Kozmino port have been completely sold out, while multiple September cargoes have also been finalized. Strong demand has shored up ESPO crude prices, with the discount to Brent oil futures narrowing sharply to around USD1 per barrel from USD3-4 per barrel two weeks ago. Emma Li, Chief Analyst for China Market at Vortexa, said Chinese major oil companies, including SINOPEC CORP (00386.HK)'s Unipec, have been purchasing Russian ESPO crude aggressively since July, while the recent escalation in Middle East tensions has further accelerated procurement for August and September. Data intelligence company Kpler said China's monthly seaborne crude oil imports are expected to reach the highest level since March, when Middle East conflicts first disrupted regional oil supplies. So far, China has imported about 1.4 million barrels of crude oil per day from Russia in July. ~ AASTOCKS Financial News Website: www.aastocks.com | |