随着长途运费下降降低了成本，中国炼厂正在购买西非和巴西的原油，在对俄罗斯原油的竞争加剧之际，这为其提供了更多供应选择。
Chinese refiners are buying crude from West Africa and Brazil after a drop in long-haul freight rates cut costs, giving them more supply options as competition for Russian barrels intensifies.
参与该市场的交易员称，加工商已按较洲际交易所布伦特原油每桶15美元至20美元的升水价格，购买了这些遥远地区的石油，用于12月交付中国。他们补充说，至少有一家被称为“茶壶”的中国独立炼厂购买了一船来自巴西的货物。
Processors have purchased oil from these faraway regions at a premium of $15 a barrel to $20 a barrel to ICE Brent for December delivery to China, according to traders involved in the market. At least one Chinese independent refiner, known as a teapot, has taken a cargo from Brazil, they added.
过去两个月里，来自俄罗斯远东地区的ESPO原油价格大幅上涨，原因是美国与伊朗战争引发的供应链中断导致印度和中国石油巨头的需求上升。交易员称，该标的9月下旬的报价较洲际交易所布伦特原油每桶高出30美元，但此后价格已回落至20美元。相比之下，8月下旬的升水幅度为5美元。
The price of Russian ESPO from the country’s far east has jumped over the past two months as disruptions stemming from the US-Iran war led to rising demand from India and China’s oil majors. The grade was being offered at a premium of $30 a barrel to ICE Brent in late September, but prices have since eased to $20, according to traders. That compares with a premium of $5 in late August.
尽管霍尔木兹海峡的航运风险加剧，但随着波斯湾石油出口增加，长途运费已经下降。亚洲炼厂此前曾将采购转向大西洋原油，推高了运费，但随着供应增加，他们正转回中东原油。
Long-haul freight rates have dropped as more oil is exported from the Persian Gulf despite heightened risks to shipping in the Strait of Hormuz. Asian refiners had shifted buying toward Atlantic-origin crude, driving up shipping costs, but are turning back to Middle Eastern barrels as supplies increase.
根据Vortexa的数据，目前将一桶原油从得克萨斯州运往韩国的成本约为31美元，而大约三周前约为42.60美元。开往中国的西非货轮运费已从近33美元跌至24.50.美元。
It now costs about $31 to move a barrel of crude from Texas to South Korea, compared with around $42.60 nearly three weeks ago, according to Vortexa. Rates for China-bound cargoes from West Africa have fallen from almost $33 to $24.50.
交易员表示，中国炼厂近期采购的油种包括赤道几内亚的塞巴原油、安哥拉的萨图尔诺原油以及巴西的梅罗原油。因未获授权对媒体发言，交易员要求匿名。交易员还表示，伊拉克巴士拉原油的报价也较洲际交易所布伦特原油每桶高出15美元，这提供了另一个有吸引力的选择。
The grades recently purchased by Chinese refiners include Ceiba from Equatorial Guinea, Saturno from Angola and Brazil’s Mero, the traders said, asking not to be named as they aren’t authorized to speak to the media. Iraqi Basrah is also being offered at a premium of $15 a barrel to ICE Brent, said traders, providing another attractive alternative.
来自西非和巴西的石油可能会给利润率极薄、通常依赖俄罗斯原油和伊朗打折原油的中国“茶壶”炼厂带来一些缓解。在美国海军对伊朗港口实施海上封锁切断了廉价供应后，这些独立炼厂正在寻找替代方案。
Oil from West Africa and Brazil may offer some relief to China’s teapots, which operate on razor-thin margins and have typically relied on Russian barrels and discounted crude from Iran. The independent refiners are seeking alternatives after the US naval blockade of Iran’s ports cut off cheap supplies.