Russia Optimistic on 2022 Oil Sales

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Russia started 2022 with a serious blow to its crude oil exports when Saudi Arabia, a key ally in the Opec-plus group but competitor in Asian markets, made significant inroads into Russia's traditional European market with Saudi Aramco agreeing to buy a 30% stake in Poland's Gdansk refinery. Coupled with China's desire to cut Russian crude imports via Kazakhstan, the Polish deal has raised fresh concerns over the prospects for Russian exports in the years ahead, even though the outlook for 2022 seems optimistic.

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