🛢️ China’s Russian Oil Buying Pushes ESPO Premiums to Records

China’s increased purchases of Russian crude are driving up the price of Russia’s ESPO Blend, with November cargoes reportedly being offered at more than $20 per barrel above Brent—a dramatic reversal from the discounts Russian oil typically trades at.

The surge is being driven by tight global crude supplies and stronger Chinese demand, particularly as Middle Eastern supply has been disrupted. Major Chinese buyers have been securing large portions of available ESPO cargoes, leaving smaller refiners competing for limited supplies.

Reuters reported that ESPO prices recently climbed above $120 per barrel, with the premium over Brent reaching roughly $20–$30 per barrel.

China’s Sinopec has also significantly increased purchases of Russian Far East crude to compensate for reduced Middle Eastern supplies.

The development highlights how disruptions in the global oil market are reshaping trade flows—and giving some Russian crude grades an unusually strong pricing position.

**What do you think—could China’s growing demand for Russian oil push global crude prices even higher?**