Crude: Oil Market Still Awaits Strong Pull on Spot Cargoes

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Russian oil exports remain the dominant feature of the physical market after proving much more resilient than expected. These flows keep the spot market flush with discounted medium, sour crude while creating a bifurcated market in which other producers see continued robust prices without direct interference from these Russian exports. But other Opec-plus producers had to cut production to make room for Russian crude. Some 2.4 million barrels per day that previously shipped to Europe and the US are now being sold to India, China and Turkey.

Crude Oil, Oil Spot Markets, Opec-Plus Supply
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