Asian trading in March-loading Russian oil has almost ground to a halt as tanker rates and oil prices jump.
Traders told Reuters that the widening price gap between buyers and sellers has stalled the market as freight costs soared after the US sanctioned 183 ships on 10 January.
Offers for Espo crude exported from the key Russian Pacific port of Kozmino have spiked to premiums of between $3 and $5 per barrel to the ICE Brent benchmark on a delivered ex-ship basis to China after aframax spot rates trebled to more than $6.5m.
