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9.6

Chinese refiners pay record premiums for Russian ESPO crude amid Iran blockade

Chinese independent refiners are paying over $7 per barrel, with offers up to $10, for Russian ESPO crude to replace Iranian barrels cut off by a U.S. naval blockade. This marks a significant shift in China's crude sourcing and tightens the ESPO market, reflecting the impact of U.S. sanctions on Iran. The premium signals increased competition for non-sanctioned heavy sour grades and may pressure Chinese refining margins.

OilPrice.comabout 2 hours agoCN, RU, IR, USengCredibility 64%View source

Score Breakdown

Mosaic Score9.6
Confidence0.7
Significance0.8
Source credibility0.6

Intelligence Tags

#crude oil#china#russia#iran#sanctions#espo

Locations

East Siberia-Pacific OceanRussia's Far East

Entities

countrycountrycountrycountryconcept
Source

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