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Commodities

ESPO Crude Premium Skyrockets Amid Iran Blockade

Guavy AI Editorial Team
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Oil
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China's ESPO crude premium has surged to $7-$10 per barrel due to the ongoing Iran blockade. This premium is the difference in price between ESPO and Dubai crude, which serves as a benchmark for global oil prices.

The Iran blockade has disrupted global oil supplies, leading to a shortage of Iranian crude on the market. As a result, buyers are turning to alternative sources of oil, such as ESPO, driving up its price.

ESPO is a type of Russian crude oil that is extracted from fields in the Krasnoyarsk region and transported by pipeline to the port city of Nakhodka for shipment to markets around the world.

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