Oil Markets

Russia Seeks Benchmark Status for Espo Crude

Copyright © 2021 Energy Intelligence Group

Russia is stepping up its campaign to secure a benchmark status for its crude oil by launching exchange-based auctions for its premium East Siberia-Pacific Ocean (Espo) export grade. Market experts believe that Espo stands a better chance than Russia’s Urals grade, but also faces too many hurdles. Moreover, competition with other grades seeking a similar status is intense.

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