Russian oil market participants have switched their trading tactics, favouring private deals over public offerings due to new Western sanctions, traders said on Thursday. About a quarter of Russian oil exports, including flagship Urals and ESPO Blend oil grades, is usually sold on a spot basis, normally via public tenders in which a number of companies generally have been invited. As of March 17, Russian oil companies haven’t issued any spot tenders for May ESPO Blend, which would normally be offered in tenders by this time. No spot tenders for Urals loading in early April have been issued either, according to the loading plan for April 1-5 released on Wednesday, traders said. Spot tenders had been a perfect instrument to place spot barrels, and the results of the tenders were used by the market as a price reference. Since the end of February, however, tenders […]