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Russia Steals Oil Market Share in Asia From Energy Allies

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Russia is finding oil customers in Asia to replace sanctions-blocked European buyers — by clawing away at the market share of its energy allies

From West Africa to the Middle East, producers in the OPEC+ alliance are feeling pinched as buyers in India and China — Asia’s top growth markets — scoop up cheaper Russian crude. The redrawn global oil trade map could be in place for years to come.

 

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