Russia Cuts Key Oil Flows Just as Demand Looks Set to Jump
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Russia’s exports of its main grade of crude oil will slump to a five-month low in February, underscoring the challenges the country faces bringing supply to the global market at a time when there’s optimism over a demand recovery.
The world’s second-largest oil exporter will ship 1.31 million barrels a day of its flagship Urals crude from the nation’s Baltic seaports next month. That’s the smallest flow since September. Much of that crude ends up at refineries in northwest Europe.