Russia’s ESPO Crude Prices Jump to 2022 High on Strong Chinese Demand

OilPrice · Tsvetana Paraskova · last updated December 3, 2024 – 6:45 AM

Strengthening winter demand from China and higher prices of Iran’s crude has pushed the spot premiums of Russia’s ESPO blend from the Far East to its highest level against ICE Brent since the Russian invasion of Ukraine in 2022, anonymous trading sources told Reuters. Cargoes of the ESPO Blend set to load in January are now trading at a premium of between $1.30 and $1.50 per barrel over the ICE Brent on delivered ex-ship (DES) China basis, the trade sources told Reuters. That’s higher than the spot premiums of ESPO of $1 per barrel…

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