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المشهد العربي
Growth in Russian Pacific crude export prices
Russian oil prices sourced from the Pacific coast have reached unprecedented levels, driven by increased demand from independent Chinese refineries seeking immediate alternatives to their oil supplies amid global supply restrictions. November-delivery futures for "Espo" crude are trading at a premium of over $20 per barrel above the Brent crude price. This surge reflects strong demand and quick shipment times of less than a week. The heightened demand is attributed to the advantage of rapid shipping, especially since Chinese refineries are deprived of Iranian oil supplies due to American sanctions, making Russian oil a strategic and immediate option to meet their needs.
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