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Oil Refiners Snap Up Distressed Cargoes and Pull Crude from Storage at Sea

  • Crude sold from floating storage, or just weeks before loading
  • Refiners in India, China, South Korea buying prompt cargoes
Indian Oil Corp. facility.
Indian Oil Corp. facility.Photographer: Dhiraj Singh/Bloomberg
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Asian buyers are snapping up distressed cargoes of oil from Africa to the Middle East in another sign that demand is coming back in the world’s biggest crude-importing region.