Developed economies allies of the U.S. and the EU are expected to replace around 650,000 barrels per day (bpd) of Russian crude oil with grades from other producers amid self-sanctioning, but the biggest developing Asian oil importers haven’t raced yet to buy heavily discounted Russian crude because of short-term contractual obligations with Middle Eastern producers. That’s the estimate from energy consultancy Wood Mackenzie, which sees part of the Russian crude typically purchased in the West being replaced by buyers from developing…
