Oil market traders said the spot price of Russia’s main export mix to Asia rebounded from all-time lows with strong demand from India and China, two major oil importers, and easing concerns about possible sanctions.
Crude exported from the Pacific port of Cosmino saw spot-delivery differentials fall to record discount levels of more than $20 a barrel in March, after they implied price premiums, with Western sanctions imposed on Russian financial and energy companies.
However, the European Union made amendments that took effect last month to sanctions against Russia, easing restrictions on the payment of oil shipments for state-owned Rosneft and Gazprom Neft, major suppliers of Russia’s Espo crude.
According to (Archyde.com), the sources said that prices rebounded with at least two shipments being loaded between the end of September and early October.
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