China continues to buy discounted Russian crude and is gobbling up the ESPO crude grade from Russia’s Far East, upending global trade flows. ESPO, which Russia ships from its Far Eastern ports, is being offered at a 10-percent discount compared to similar-quality crudes from Brazil or West Africa, traders familiar with the Chinese buying told Bloomberg on Wednesday. ESPO goes for around $1-$2 discount per barrel to the international benchmark Brent, while Brazil’s Lula and Sapinhoa crudes, for example, are being offered at a…
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