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Grain Deal Extension Talks Ongoing

RUSSIA
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  • The grain deal does not stipulate any special extension mechanisms, which is why it will remain in force after March 18 unless any of the parties come out against it, a source familiar with the details of the negotiations around the agreement told TASS. As of now, none of the parties to the agreement have announced their withdrawal from it, the source noted, though Turkish officials have reminded participants that the deal must be renewed. The Turkish officials added that talks on an extension are ongoing. The Ukrainian Ministry has not provided an update on the extension of the deal.
  • Russia’s seaborne crude flows rebounded last week with India snapping up more pacific cargoes, Bloomberg report. India overtook China as the biggest buyer of Russian seaborne crude in early November and has continued to buy more than its neighbor ever since. Increasing quantities of the Pacific ESPO crude grade are heading to India’s ports, after months in which Chinese refiners had snapped up almost every available shipment.
  • There are no economic releases on the docket today.
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  • The grain deal does not stipulate any special extension mechanisms, which is why it will remain in force after March 18 unless any of the parties come out against it, a source familiar with the details of the negotiations around the agreement told TASS. As of now, none of the parties to the agreement have announced their withdrawal from it, the source noted, though Turkish officials have reminded participants that the deal must be renewed. The Turkish officials added that talks on an extension are ongoing. The Ukrainian Ministry has not provided an update on the extension of the deal.
  • Russia’s seaborne crude flows rebounded last week with India snapping up more pacific cargoes, Bloomberg report. India overtook China as the biggest buyer of Russian seaborne crude in early November and has continued to buy more than its neighbor ever since. Increasing quantities of the Pacific ESPO crude grade are heading to India’s ports, after months in which Chinese refiners had snapped up almost every available shipment.
  • There are no economic releases on the docket today.