Commodities & Energy

Reuters exclusively reports China snaps up Russia's expensive Urals oil in thirst for sour barrels

Reuters exclusively reports China snaps up Russia's expensive Urals oil in thirst for sour barrels

Reuters exclusively reported that China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as a result of the OPEC+ output cuts. Rising demand for Russian barrels will likely make oil firms more reluctant to extend the record oil cuts in tandem with OPEC+ for a prolonged period of time.