Russia’s crude oil exports have increased again. US President Donald Trump has imposed 50% tariff on India. Due to this, exports from Russia to India decreased but China compensated it.
According to a report by Bloomberg, by the end of August, the amount of crude oil in tankers coming to India decreased by 1.3 million barrels per day. This figure is about one third less than the top level of March. Even if all the ongoing ships land in India, it will be about 550,000 barrels per day or 28% from the top level of March.
At the same time, the amount of crude oil from Russia to China has increased. It has reached the highest 1.28 million barrels per day in the last five months. Overall, the weekly exports of crude oil from Russian ports rose 770,000 barrels to 3.49 million barrels per day. This is the highest in the last seven weeks. Tanker-tracking data shows that the average crude oil of four weeks has also increased due to this surge. Until August 31, the export exports remained at 3.15 million barrels per day on an average.
India’s largest supplier
This increase in the export of crude oil from Russia from sea route has increased at a time when Ukraine is constantly attacking Russian oil refineries with drones and missiles. Trump has doubled the import duty on goods coming from India to 50%. India was earlier imposed on 25 percent tariff but due to purchasing oil from Russia, it has an additional 25 percent tariff. Russia is the largest supplier of crude oil to India.