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ESPO Crude Prices Rebound


Spot prices of Russia’s ESPO crude to Asia have rebounded from all-time lows with strong demand from India and China and easing concerns about sanctions.

  • Spot differentials for crude exports from Kozmino fell as low as 20$/bbl in March. Prices have since reportedly rebounded with at least two cargoes loading between the end of Sep and early Oct sold at parity to the Dubai benchmark. By way of comparison Murban crude for September is at a 12-13$/bbl premium.
  • In July India overtook China to become the biggest buyer of seaborne Russia crude according to Refinitiv Eikon data. India took 29.5mbbls (of which 3.4mbbls of ESPO) compared to 21.3mbbls to China (of which 18.1mbbls of ESPO).

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