Russian Oil Prices Are Rising in China Due to a Lack of Alternatives — Bloomberg
The price of Russian oil in China is rising rapidly, as Chinese buyers have fewer and fewer options for alternative suppliers.
ESPO crude oil shipments scheduled for November were offered at a premium of more than $20 per barrel over Brent futures on a delivery basis. Thus, the premium has doubled compared to the previous week.
ESPO (Eastern Siberia-Pacific Ocean) is a Russian export grade of light, low-sulfur crude oil. The crude is transported via the Eastern Siberia–Pacific Ocean (ESPO) pipeline, specifically through the port of Kozmino in Primorsky Krai.
The growing demand for this Russian grade, which is delivered to Chinese ports in less than seven days, is linked to reduced access by independent Chinese refineries to Iranian crude. Washington is blocking shipments from Iran.
According to industry sources, in early September, November ESOPO shipments were trading at a premium of $7–10 per barrel to ICE Brent, and in some deals, the premium reached $12.
An additional factor was the improvement in margins for Chinese refineries due to rising prices for diesel and gasoline.
Prices for Russian grades on the Chinese market
In addition to VSTO, Urals is one of the key Russian export grades for the Chinese market. Its price dynamics were different. In the spring of 2026, Urals was sold at a premium to Brent in Chinese ports, but in June it shifted to a discount due to lower demand from Asian refineries.
At the end of August, the discount on Urals at Russian ports stood at $26–27 per barrel relative to Brent. Meanwhile, in early September, the average discount for Urals delivered to China narrowed to $2.75, down from $4.3 a month earlier.
As for ZSTO, this grade was already being sold at a discount as early as August. Shipments for October were offered at a discount of about $3 per barrel to Brent. By mid-August, some deals were already being concluded at par, while the premium on remaining volumes reached $2.
As of September 9, the price of WTI for November delivery at Shandong ports was estimated at $99.80 per barrel, or about 6,565 yuan per metric ton. The spot premium to ICE Brent futures stood at $8.5 per barrel.
Bloomberg reported this, citing traders.
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