The price of Russia’s ESPO crude blend, the flagship grade exported from the Russian Far East, slumped to the lowest level since June 2024 and flipped to a discount to the international benchmark as demand from Chinese state-owned firms has weakened, trading sources told Reuters. Cargoes of ESPO for April loadings are now being traded at a discount of some $1.
50 a barrel against ICE Brent on a delivered basis to China, according to Reuters’s sources. This discount, the first in 10 months, compares with a premium of about $2 per barrel…Russia’s Far East Crude Price Slumps as China’s State Refiners Cut Imports
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