Record Discounts Accelerate Chinese Teapot Purchases of Russia’s ESPO Crude

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Chinese 'teapot' refiners are accelerating purchases of Russia's ESPO crude due to record discounts and new import quotas, indicating a shift in market dynamics.

Market Impact

Market impact analysis based on bullish sentiment with 77% confidence.

Sentiment
Bullish
AI Confidence
77%

Article Context

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China’s independent refiners are accelerating purchases of Russia’s Far Eastern ESPO crude blend as Chinese refiners were issued new import quotas and the discount of Russian crude swelled to a record high, traders told Reuters on Tuesday. After missing out the crude purchasing windows for most of the fourth quarter, amid a lack of quotas allowing imports, the Chinese refiners, especially the so-called ‘teapots’ of the Shandong province, are back on the market hunting for bargain trades. The discount of the Russian ESPO…

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Original article published by OilPrice.com on December 23, 2025.
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