China scoops up cheap Russian oil – Bloomberg ...News

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China scoops up cheap Russian oil – Bloomberg
Refiners have reportedly increased purchases as latest EU sanctions are about to kick in China’s oil refiners have started to snap up Russian crude shipments amid sharply lower prices and the looming EU price-cap measure, Bloomberg reported on Friday. According to its report citing anonymous traders, Chinese private processors, or teapots, purchased several cargoes of Russian ESPO crude for December-January arrival. The shipments traded at wider discounts to global benchmark Brent crude than deals done just weeks ago, the traders explained. “It is also believed that the cargoes were bought in Chinese yuan rather t

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