Oil from Russia is "spoiled" even though it is sold at a very cheap price

 Recently, a Russian company tried to sell Sokol oil (a favorite oil for buyers in Asia), but no one wanted to buy. After Russia launched its special military operation, more and more parties wanted to avoid Russian oil.

The ONGC company recently offered to sell Russian Sokol oil at a huge discount, but so far, no one wants to buy. The same situation has happened with Russia's high-quality Urals crude oil, which is still struggling to find buyers despite selling at very cheap prices.

Sokol is the preferred crude for Asian buyers such as South Korea, China and Singapore as well as Hawaii. The absence of demand for Russian oil could be a bleak signal for next week's ESPO crude trade. Independent Chinese refiners in the Shandong region are often the major buyers of these oils.

In one of Surgutneftegas' most recent ESPO transactions, the grade was sold for about $6.8-7.2 a barrel above Dubai's benchmark. However, in the current context, this oil is more likely to be sold at a lower price.

Not all buyers in Asia shy away from Russian crude. While the US and major oil companies like Shell have pledged to stop buying oil from Russia, some buyers in China and India may still be willing to buy, but only if they have a letter of credit (LC). ) and the number of vessels required to transport the oil.

Many oil buyers in Asia are still receiving oil they bought from Russia just before the conflict broke out, traders said. At this point, it remains unclear what ONGC will do with this unsold batch of Sokol oil.

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