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Russian Oil Floods Export Market as Teapot Plants Lose Money

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Crude oil exports from Russia, the world’s biggest producer, grew about seven times faster than output in the first quarter as the country processed less fuel at home.

Shipments from the country increased 7.4 percent from a year earlier between January and March, the biggest gain in at least nine years and outstripping a 1.1 percent rise in production, according to Energy Ministry data. Domestic crude deliveries to refineries fell 1.9 percent as OAO Rosneft said simple plants, known as teapots, were not profitable to run after prices plunged last year.