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Russia's Oil Exports Reach Pre-Invasion Levels
Developing
In Short: Russia's crude oil exports have surpassed pre-2022 invasion levels, benefiting from global demand. In contrast, Venezuela's oil exports have increased, with the US and India being major buyers. Meanwhile, non-Iranian vessels are using Iran's new Strait Authority for safe passage
Bloomberg reports that Russia's crude oil exports have reached their highest level since before the 2022 invasion of Ukraine, indicating a significant rebound in the country's oil trade.
According to Reuters, Venezuela's oil exports have surged to 1.25 million barrels per day (b/d), marking a third consecutive monthly increase. The United States is the largest buyer, taking in 558,000 b/d, followed by India with 427,000 b/d.
In related news, more than 300 non-Iranian vessels have contacted Iran's newly established Persian Gulf Strait Authority since late April to secure safe passage through the Strait of Hormuz, with China-bound tankers accounting for 28% of the total.
These developments highlight the changing dynamics in global oil trade and the strategic importance of the Strait of Hormuz for international shipping.
Background
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe after Russia, which borders it to the east and northeast.
What's confirmed
What's still developing
- According to Reuters, Venezuela’s oil exports jumped to 1.25 million b/d last month, the third consecutive monthly increase after the seizure of President Maduro, with the US taking 558,000 b/d of the total outflows,…
- According to Tehran, more than 300 non-Iranian vessels have contacted Iran’s newly created Persian Gulf Strait Authority since late April to secure safe passage through the Strait of Hormuz, with China-bound tankers…