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Chinese Buying Of Russian Oil Slows Down For December

OIL
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Chinese refiners are buying less Russian crude for next month, and paying lower premiums, because of uncertainty around the EU/G7 oil price cap, according to Reuters sources.

  • Around five to seven December-loading ESPO Blend cargoes have been sold to Chinese buyers, compared with an average of 30 shipments in the previous months, the sources said.
  • "There are, of course, many concerns and much confusion regarding to the upcoming price cap, but people think the December-arriving cargoes should be safe (to buy)," they added.
  • Deals were last heard at around $1.70 to $1.90/bl above February ICE Brent on a delivered ex-ship (DES) basis, falling from premiums of about $2.70/bl two weeks ago amid slow trade. November premiums were around $2/bl, they added.
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Chinese refiners are buying less Russian crude for next month, and paying lower premiums, because of uncertainty around the EU/G7 oil price cap, according to Reuters sources.

  • Around five to seven December-loading ESPO Blend cargoes have been sold to Chinese buyers, compared with an average of 30 shipments in the previous months, the sources said.
  • "There are, of course, many concerns and much confusion regarding to the upcoming price cap, but people think the December-arriving cargoes should be safe (to buy)," they added.
  • Deals were last heard at around $1.70 to $1.90/bl above February ICE Brent on a delivered ex-ship (DES) basis, falling from premiums of about $2.70/bl two weeks ago amid slow trade. November premiums were around $2/bl, they added.