17:35 - 24.07.2026

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July 24, Fineko/abc.az. Against the backdrop of heightened geopolitical risks in the Middle East and the threat of disruptions in oil supplies from the Persian Gulf, Chinese importers have sharply increased purchases of Russian oil ESPO.

According to market participants, all August shipments from the Pacific terminal of Kozmino have already been sold out, and a significant portion of September shipments has also been contracted.

High demand has reduced the discount on ESPO oil against the ICE Brent benchmark from $3-4 per barrel to $1.

According to estimates by analytical company Kpler, the maritime import of Russian oil to China reached about 1.4 million b/d in July, which is the highest since March of this year.