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China to take record volume of Russian oil as Europe demand collapses -traders

By Olga Yagova and Gleb Gorodyankin
Updated ·1-min read

By Olga Yagova and Gleb Gorodyankin

MOSCOW, March 25 (Reuters) - China is buying a record 1.6 million tonnes of Russian oil by sea loading in the next 2-3 weeks, taking advantage of rock bottom prices for the Russian grade combined with a collapse in demand in Europe, traders said on Wednesday.

The volumes make for a new monthly record of Urals supply to China after they surpassed 1.2 million tonnes in January.

They also provide a lifeline to Russian exporters as they struggle to sell the grade in Europe due to the spread of coronavirus hitting demand. (Additional reporting by Aizhu Chen in Singapore; editing by Jason Neely)