Russia’s Far East Crude Price Slumps as China’s State Refiners Cut Imports

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…