China Slows Down Russian Oil Purchases

Crude buyers in China have stopped purchases of some Russian oil as they are waiting for details of the US-led cap to see if they will be offered a better price. This was reported by Bloomberg.

Currently, several cargoes of Russian ESPO crude oil for delivery in December remain unsold. Chinese buyers and sellers are not closing deals until there is more information about the expected price cap.

The price cap for Russian oil will be introduced together with the EU sanctions, which will start on December 5.