The spot market for Russia‘s key East Siberia-Pacific Ocean (Espo) crude oil has plunged yet again, dragged down by continued weak Chinese demand. Espo is one of Russia‘s two major crude exports and is the largest crude export stream in the Asia-Pacific. October-loading spot cargoes of Espo initially traded at premiums rang-ing from 30￠-50￠ per barrel to the Dubai price benchmark, before later deals were done at premiums ranging from 20￠-40￠/bbl, said market play-ers. Cargoes sold late in the October trading month eventually changed hands at premiums ranging from 40￠-70￠/bbl to Dubai, they added.
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