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OIL
Russian’s crude shipments by tankers operating outside of the G7’s price cap fell by over 10% in July, amid renewed pressures from Western sanctions and the Kremlin cutting exports, Platts said.
- Around 2.64m b/d were lifted in July by non G7 flagged, owned, or operated tankers. They are also not insured by Western providers. This compares to 2.94m b/d in June.
- Western authorities have also backlisted over two dozen tankers for non-compliance with the price cap.
- While their transport of volumes fell on the month, the share of G7-tankers in Russian crude exports was up marginally to 82.7% in July, compared to 82.5% in June.
- Tankers operated by Russian firms loaded 10.6m bbl in July, compared to 17m bbl in June.
- Hong Kong and Chinese companies loaded 29% of Russian crude exports, 91% of these were not serviced by G7 providers.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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