Russia’s crude oil exports rebounded to 3.49 million barrels per day in late August, driven by rising shipments to China, which offset a sharp drop to India following US tariff hikes. Despite Ukrainian attacks on infrastructure, flows resumed from key ports, and weekly export revenue rose 28% to $1.42 billion, according to Bloomberg. They write:
Russia’s crude shipments rebounded, with China picking up the slack after US President Donald Trump’s punitive tariffs on India choked exports to the south Asian nation.
Trump’s doubling of US import tariffs on goods from India to 50%, imposed as punishment for its persistent buying of Russian oil, appears to be hitting the flow of Moscow’s crude to the nation despite the defiance of the government in New Delhi. […]
Meanwhile, the amount of crude heading to China has moved in the opposite direction, reaching a five-month high of 1.28 million barrels a day. […]
Observed shipments to Russia’s Asian customers, including those showing no final destination, rose to 2.7 million barrels a day in the 28 days to Aug. 31, up from 2.62 million barrels a day in the period to Aug. 24. […]
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