OPEC's Oil Curbs Grant Russia's Urals a Rare Ticket for S. Korea
- Refiner SK buys Russian Urals crude for 1st time in a decade
- Stronger Mideast crude amid OPEC cuts opens arbitrage window
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The biggest oil producers in the Middle East are helping crude from Western Siberia boldly go where it’s rarely gone before.
Top South Korean refiner SK Innovation Co. is set to receive about 1 million barrels of Urals crude in its first purchase of the Russian blend oil in a decade. The shipment was made viable because of rising costs for rival supply from the Middle East, as nations such as Saudi Arabia curb output to comply with a deal between global producers.