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Russia Gets Higher Oil Prices as Payoff for Joining OPEC+ Cuts

  • Urals trading about $2 more than Dated Brent, traders say
  • Move follows sharp cuts to country’s seaborne oil exports
Rail wagons for oil, fuel and liquefied gas cargo in Moscow.
Rail wagons for oil, fuel and liquefied gas cargo in Moscow.Photographer: Andrey Rudakov/Bloomberg

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Russian oil prices are surging, offering the country a timely reminder of why it’s helping OPEC and other producers to make the deepest output cuts in history.