Spot prices for Russia's key export crude grade ESPO Blend to Asia have rebounded from all-time lows amid strong demand from top buyers India and China and easing concerns about possible sanctions, several traders said.
Prices have rebounded with at least two cargoes loading between end-September and early October sold at parity against Middle East benchmark Dubai, the sources said. Indian and Chinese independent refiners find the cargoes far more cheaply priced than Middle East oil of similar quality, they said."Russian oil is very popular among Asian refiners and at these prices it's a great value," one of the sources told Reuters.
India overtook China to become the biggest buyer of Russian oil in July based on seaborne volumes. The world's No. 3 crude importer lifted a record 29.5 million barrels, Refinitiv Eikon data showed. This included 3.4 million barrels of ESPO crude.The world's top crude importer China loaded 18.1 million barrels of seaborne ESPO crude in July, 27 per cent down from an all-time high in June, as major buyer Sinopec Corp cut purchases. Oil supplies loaded from the Russian ports dropped to 21.
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