Russian-Chinese oil pipeline starts operating

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Russian-Chinese oil pipeline starts operating

05/01/2011 15:00 Oil Market

A crude oil pipeline between Russia and China is now in operation which will help Russia in diversifying its oil clients more towards the east and will overturn decades of Russian dependence on European markets. The project costs $25bn and was partially financed by Chinese loans.

The pipeline which starts in Siberia and ends at Daqing in northeast China is expected to export 15 million metric tons of crude from Russia to China a year until 2030, according to Chinese state media. To date, Russian oil had been exported to China by rail and it is expected that the new pipeline will allow a rapid increase in oil exports between the two nations. The second phase in the pipeline’s construction will be completed by 2014 and consists in extending the pipeline length to around 4700km.

Daily (24.02.2021): Oil prices stable after record highs, but general bullish sentiment is surrounding the market

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Crude oil prices diverged on Tuesday, but ended rather flat after hitting fresh 2021 highs amid a lack of major events to impact the oil sellers. Hence, Brent crude added 0.2% to settle at $65.37 a barrel, buoyed by signs that global coronavirus restrictions were being eased. Meanwhile, U.S. WTI crude steadied at $61.67 a barrel amid uncertainty about the return of Texas crude production and concerns about the pace of a U.S. economic recovery.

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