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Russia Opens Pipeline and Sets New Course
LONDON
Mr. Putin inaugurated the first stage of the $12 billion East Siberia-Pacific Ocean pipeline, or ESPO, last month. The crude it carries, also referred to as ESPO, is already proving a hit with Asian customers. ESPO “will likely displace some similar quality Middle East crudes,” the International Energy Agency said in its monthly oil market report Friday.
Mr. Putin inaugurated the first stage of the $12 billion East Siberia-Pacific Ocean pipeline, or ESPO, last month. The crude it carries, also referred to as ESPO, is already proving a hit with Asian customers. ESPO “will likely displace some similar quality Middle East crudes,” the International Energy Agency said in its monthly oil market report Friday.
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