Prices for Russian oil shipped to China rose to their highest level in 7 months, amid expectations that Iranian oil will replace imports from Moscow.
The Russian light sweet Espoo crude, loaded at the kuzmino port on the Pacific Ocean for delivery in August to China, was traded at a discount of USD 4 per barrel against Brent futures on the basis of on-board delivery at the port of discharge.
This is a big jump from the USD 6 discount for July, according to a report reviewed by the specialized energy platform, quoted by Reuters.
This is the lowest discount since early December 2022, when the G7 imposed a price cap on Russian oil, which led to lower prices as refiners and traders avoided trading for fear of violating sanctions.
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