Commodities
Russia Ships Urals Oil to Venezuela, Expanding Pool of Buyers
- Cargo is first observed to the country in at least five years
- Russia needs new markets to replace lost European customers
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A supertanker carrying Russia’s flagship Urals crude has arrived off the coast of Venezuela as Moscow looks for new buyers amid tightening sanctions and disruptions in the Red Sea.
The Ligera is now near Amuay Bay, which is linked to a refinery run by state-owned company PDVSA, vessel-tracking data compiled by Bloomberg show. It collected at least 1.7 million barrels of Urals via ship-to-ship transfers off southern Greece last month before sailing to Venezuela.