Friday, March 18, 2016

Russia's far east oil producers boost Asian sales

Exploiting its proximity to northern Asia and the collapse of the rouble against the U.S. dollar, Russia has become the fastest growing oil supplier to Asia at a time when Middle East exporters are distracted by internal strife and competition from U.S. shale producers.
"Russian crude is really attractive to us due to its fast delivery time and also cheap prices," said a spokeswoman from SK Innovation, which owns South Korea's largest refiner.
China, Japan and South Korea together import more than 12 million barrels per day (bpd) of crude, twice the amount bought by the United States, the world's top consumer.

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