Growing Premium for Russian Crude
Eurasia Energy Observer: June 2010
SUMMARY: As the market for ESPO Blend takes shape, prices of the new Russian crude blend are gradually improving. Meanwhile the re-distribution of Russian crude exports, particularly the decline of exports from the Black Sea, is supporting Urals values in Europe. Demand for ESPO Blend is gradually picking up and should lead to a continued improvement in prices in the second half of 2010.