RNFTF - Russia strikes deals to sell substantial part of crude oil production - WSJ
2023-07-28 18:20:41 ET
Russia struck deals to sell a substantial portion of its petroleum output to a group of previously little-known oil traders, The Wall Street Journal reported Friday, adding to signs that the financial squeeze on Russian oil producers from sanctions is easing.
State-controlled Rosneft ( OTC:RNFTF ) in recent weeks wrapped up one of its largest tenders in years, according to the report, after a similar effort last year failed in the aftermath of Russia's invasion of Ukraine.
The results cement the role of a group of upstart trading houses as vehicles for Russian oil to reach new markets, filling a hole left when the world's largest commodities merchants such as Trafigura, Vitol and Glencore pulled back from Russia.
The traders perform a vital role for Rosneft ( OTC:RNFTF ) and other Russian producers, handling the complex logistics needed to move millions of barrels of petroleum daily to overseas buyers, and work with other upstart firms that have amassed control of hundreds of old tankers used to move Russian oil.
More analysis on Russian oil:
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- Russian crude oil tops $60 price cap for first time in test of Western sanctions
- Russia poised to surpass Saudi Arabia as China's top oil supplier
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Russia strikes deals to sell substantial part of crude oil production - WSJ