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Russia Could Find New Markets for Half the Oil Shunned by the EU

Oil pumping jacks in an oilfield in Tatarstan, Russia.

Oil pumping jacks in an oilfield in Tatarstan, Russia.

Photographer: Andrey Rudakov/Bloomberg

Russia could find new markets for about half of the crude exports that will be banned by the European Union from December, according to energy-data firm Kpler. 

Indonesia, Pakistan, Brazil, South Africa, Sri Lanka and some countries in the Middle East could together buy as much as 1 million barrels a day of crude from Russia in the coming winter, Kpler said in a research note.