Russian Oil Sales Going Underground as Cheap Crude Tempts Buyers
- Two-tier market for the oil is likely to emerge, say traders
- India, Chinese private refiners keen to keep buying the crude
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Away from the public eye. That’s where Russian crude is going as buyers tread carefully in their dealings with the pariah producer.
The market is waiting to see if Russian firms such as Surgutneftegas PJSC proceed with monthly sell tenders for ESPO crude this week. The offers are unlikely to attract any bids, oil traders said, Instead, shipments at steep discounts will probably be marketed privately on a one-on-one basis.