{
  "id": 5613215,
  "title": "Chinese Refiners Pay Record Premiums for Russian ESPO Crude",
  "url": "https://urgent.news/2026/09/03/chinese-refiners-pay-record-premiums-for-russian-espo-crude-5613215",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-03T08:45:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/chinese-refiners-pay-record-premiums-084500969.html"
  },
  "original_language": "en",
  "account": "Chinese refiners are currently paying record premiums for Russia's ESPO crude, as they seek to replace Iranian oil imports previously facilitated by the U.S. naval blockade on the Middle Eastern country. ESPO crude, transported from Russia's Far East coast, is currently trading at a premium of over $7 per barrel for November delivery, with some offers reaching $10 per barrel above Brent crude, according to Bloomberg's latest report.\n\nChina remains the largest consumer of ESPO crude, holding an 83% market share for the first seven months of the year, a slight decrease from 88% in the same period last year. The shift in demand can be attributed to the growing appetite of Indian refiners for ESPO, which has surged from 12% to 16% share for imports during the same period, as per data from Kpler and Vortexa.\n\nRussian Far Eastern port of Kozmino saw a 6% increase in total oil exports over the first seven months of the year. The rise in Indian imports of ESPO crude is mainly due to the decline in Chinese oil imports during May and June, as well as the disruption of Middle Eastern supply chains, which led to delays in term cargoes expected by Indian refiners in early summer. While Indian refiners usually prefer the Urals blend, they have started to consider ESPO as a viable backup option due to its longer transit time and higher cost, but its role as a reliable alternative during disruptions cannot be overlooked.\n\nHowever, India's crude oil imports from Russia have reportedly declined in August compared to July's record high, as Ukrainian attacks on Russian export infrastructure and increased competition from China have affected Indian intake of Russian oil.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "title": "Chinese Refiners Pay Record Premiums for Russian ESPO Crude",
        "url": "https://urgent.news/2026/09/03/chinese-refiners-pay-record-premiums-for-russian-espo-crude",
        "published": "2026-09-03T08:45:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}