GreenergyDaily

Dec. 15, 2025

Russian ESPO crude was recently sold to at least one Chinese buyer at what traders say was the steepest discount this year, after demand for the grade tumbled following US sanctions on Rosneft PJSC and Lukoil PJSC.

Cargoes were sold at a discount of $7 to $8 a barrel to the ICE Brent benchmark late last week, said people who participate in the ESPO trade. The buyer was a Chinese independent refiner, known as a teapot, they added.

The cargoes last week were purchased at the biggest discount this year, according to traders and analysts who track the data.

The ESPO purchased last week was likely the first by a Chinese teapot since late October, after Shandong Yulong Petrochemical Co. snapped up a number of shipments. That deal followed the US penalties on Rosneft and Lukoil.

China’s imports of seaborne Russian crude are projected to climb to 1.35 million barrels a day this month, more than 10% higher than November, according to data compiled by Kpler. Official Chinese figures are due in late January.