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Russian ESPO Blend Crude Loadings Via Kozmino to Drop in 1Q19

Oil

Russian ESPO Blend crude oil exports from the Pacific port of Kozmino are set to drop 6.8% q-o-q to 7.5M tonnes (about 611K b/d) in 1Q19, Reuters reports. The decline was attributed to Rosneft not getting a quota to supply ESPO crude via Kozmino in 2019, due to an existing agreement under which all of the company’s ESPO crude supplies will be diverted to China via the Skovorodino-Mohe pipeline spur.

By early afternoon in London, ICE Brent was trading at $63.37/bbl, down $3.42/bbl from the end of last Monday’s trading day.