Business
Asian Refiners Lock in Russian Crude Early Amid Middle East Shortages
Asian refiners are moving earlier than usual to secure crude oil from Russia’s Far East, as hopes for a swift resolution to Middle Eastern supply disruptions fade and the expiration of a U.S. temporary waiver on Russian oil looms.
Cargoes of Eastern Siberia-Pacific Ocean blended crude oil—a light, sweet Russian grade exported from the Kozmino terminal in the Far East to Asia-Pacific markets—are normally traded one month before loading. But with the Strait of Hormuz effectively closed, trading has kicked off early as refiners rush to plug supply gaps, according to Kpler.
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