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Russian Oil Seeps Into Global Market to Ease Supply Fears for Now

  • Traders monitor Russian crude leakage, wild price swings
  • China’s demand has been subdued due to virus flare-ups
An oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.

An oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.

Source: Bloomberg

Updated on

Millions of barrels of Russian oil are still finding a way to buyers almost a month after the country first invaded Ukraine, tempering concerns that a sanctions backlash would all but choke off supply and cause the market for physical cargoes to overheat.

India’s oil refiners grabbed multiple cargoes of Russia’s flagship Urals crude this month, potentially supplanting the Middle Eastern varieties they normally purchase from Abu Dhabi and Iraq. Meanwhile, China’s private processors are still thought to be targeting their favored cargoes from the east of Russia -- likely at knock-down prices.