OPEC+ Cuts Oil Production and Russia's Crude Exporters Win - Bloomberg:
An alliance of countries that includes Russia is cutting oil production to end a global glut. One of the big winners: the nation’s own crude exporters.
The supply cuts from the so-called OPEC+ nations, coupled with U.S. sanctions on Venezuela and Iran, have reduced the amount of medium- and heavy-grade sour crude on the market. While Russia is part of the output cuts effort, exports of its medium-sour Urals crude -- the country’s biggest export grade -- are set to soar this month to an almost two-year high.
“The apparent lack of other alternative medium, sour grades is forcing Mediterranean and Northwest European buyers to rely increasingly on Urals,” consultants JBC Energy GmbH said in a report.
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