Russia’s ESPO Blend oil exports were set at 4.2 million metric tons, or some 1.02 million barrels per day, up from 3.8 million tons in April, two sources in the grade’s market said.

On a daily basis ESPO Blend oil exports will rise by 7% in May from April, Reuters calculations showed.

The volume of ESPO Blend exports planned for May is close to record loadings achieved last year as Moscow pushes to increase oil exports eastwards after the European Union cut purchases of Russian oil in 2022, traders said.

ESPO Blend is Russia’s flagship light crude oil grade loading from Kozmino port to Asian markets and most favoured by Chinese refiners.

Freight rates for ESPO Blend shipments have recently plunged to the lowest levels since January, also helping Russian oil sellers to load high volumes of the grade.
Source: Reuters