SNSUC's crude listed price anchors to live quotes through "Brent × FX × 7.33 × grade." With Brent at $101.07 and USD/CNY at 6.7050, the base lands at ¥4,967/t at grade factor 1.0.

The seven transshipment grades each carry a distinct grade factor and OSP premium or discount: ESPO around -$1.5/bbl, Dubai near flat, Oman slightly positive, Urals deeper into discount under sanctions, Basrah Light heavy -$3.30/bbl, Bonny Light light premium, Lula deep-water premium. The grade factor applies a second quality adjustment on top of the 7.33 barrel-tonne conversion.

On RMB landed cost, each grade's to-account cost = base × grade factor + OSP (in RMB) + freight + port fees. Every $1 rise in Brent lifts the base by about ¥49/t; every 0.01 rise in USD/CNY lifts it by about ¥7.4/t. Brent's +$3.10 today alone pushed the base up roughly ¥152/t.

The operating point: in quoting, do not watch only the Brent absolute. Feed the grade factor and OSP into the model together. Discount grades like ESPO lose landed advantage when Brent spikes, but stay steadier than Urals, which still carries the sanctions red line and must clear triple-document consistency.