China Is Key to Displaced Russian Oil’s Impact on Global Prices
Both ESPO and Urals are currently trading at premiums of around $2 to ICE Brent, a global benchmark, according to traders, although the transport costs for the former grade are a lot lower. Iranian crude, by contrast, is priced around $4 a barrel below ICE at the moment, said Muyu Xu, a senior crude analyst at Kpler.
