Commodities
China’s Binge on Russian Oil Hits African, South American Producers
- Exporters that rely on spot market most vulnerable: Kpler
- Long-term contract sellers like Saudi Arabia faring better
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As China scoops up more and more discounted Russian oil, producers in Africa and South America are losing out.
Angola is among the hardest hit at the moment, with daily exports to China falling 27% so far this month compared with whole of February last year, according to data and analytics firm Kpler. Flows from Venezuela, Nigeria and the UK are also down.