Russia’s ESPO grade, the crude from Russia’s Far East, is selling in Asia above the $60 price cap as it appears that Russia is currently handling the short Russian Far East-China route with Russian tankers and insurance, traders told Bloomberg on Friday. Some independent refiners in China—the so-called teapots—have already placed orders for ESPO crude with January delivery of the grade, whose price was assessed at $67.11 per barrel on Thursday by Argus Media. The price cap on Russian crude imposed by the EU, the G7, and…
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