Record Discounts Accelerate Chinese Teapot Purchases of Russia’s ESPO Crude
China’s independent refiners are accelerating purchases of Russia’s Far Eastern ESPO crude blend as Chinese refiners were issued new import quotas and the discount of Russian crude swelled to a record high, traders told Reuters on Tuesday. After missing out the crude purchasing windows for most of the fourth quarter, amid a lack of quotas allowing imports, the Chinese refiners, especially the so-called ‘teapots’ of the Shandong province, are back on the market hunting for bargain trades. The discount of the Russian ESPO…