Chinese Independent Refiner Buys Russian Oil at Deep Discount After Sanctions
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Russian ESPO crude was recently sold to at least one Chinese buyer at what traders say was the steepest discount this year, after demand for the grade tumbled following US sanctions on Rosneft PJSC and Lukoil PJSC.Cargoes were sold at a discount of $7 to $8 a barrel to the ICE Brent benchmark late last week, said people who participate in the ESPO trade, asking to not be identified because they aren’t authorized to speak to the media. The buyer was a Chinese independent refiner, known as a teapot, they added.