Russian oil prices rise as China's options decline

The supply prices for oil originating from the Russian Pacific Coast have increased, as Chinese refineries' demand for spot shipments has risen due to limited supply options. Spesco crude oil for November loading is now offered at a premium exceeding $20 per barrel over Brent contracts, doubling the premium seen last week. This development reflects growing demand for Russian oil, which reaches China in less than a week, following the loss of independent refineries' access to Iranian oil due to US sanctions, as well as disruptions in the Strait of Hormuz that have prompted Chinese refineries to buy crude from distant regions such as Canada, Brazil, and Argentina. Additionally, investments in Venezuelan oil have resumed, with Chinese refineries purchasing crude from West Africa, including cargoes from the Republic of Congo and Angola, at premiums exceeding $20 above Brent, while offers for West African and Brazilian crudes have risen to about $30 over the global benchmark price.

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