The oil and gas industry is being treated to a new burst of competition with the development of Russia's East Siberia-Pacific Ocean (ESPO) pipeline with its own blend of crude.Indeed, traders expect Saudi Arabia to lower the prices of all its crude grades heading to Asia for August on slow demand from regional refiners as well as the intensifying competition from Russia's ESPO crude."I expect Saudi Arabia to cut differentials across the board again, as the sentiment for both light and medium grades are not so good," one trader with a Northeast Asia refiner told the Saudi Economic Survey."Saudi Arabia is trying to secure demand in the Asia-Pacific region," said another ...