Russian oil shipments hit their highest ever August level this month, according to data from the Institute of International Finance, in the latest sign that the country’s energy exports are holding up much better than expected.
The capacity of oil tankers departing Russian ports — a proxy for exports — came in at just under 160 million barrels in August, IIF chief economist Robin Brooks said on Twitter on Tuesday. That was more than in any August in any prior year, he said.
analysts at the International Energy Agency, said Russian oil exports and production would fall sharply following its invasion of Ukraine in late February as Western buyers steered clear of the country’s commodities.
Yet Russia has in fact pivoted towards China and India, which have stepped up their purchases of the country’s oil, which has been trading at a discount on international markets.
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