Russia Exported Record Amounts Of Crude In August

Russia Exported Record Amounts Of Crude In August

Shiv

Sanctions on Russia's energy exports have risen as a result of the conflict in Ukraine.

Despite restrictions and promises to stop purchasing Russian crude, the nation's oil production has managed to outperform forecasts.

Russia's oil production set new records, with Greek tankers playing a significant role in assisting Moscow's penetration of global markets.

Russia has been at war with Ukraine for six months, and its oil production has still rising above estimates.

Russian oil shipments reached their greatest level ever in August this year, according to data from the Institute of International Finance (IIF),

with Greek-owned tankers being the main contributor to the country's oil reaching global markets.

"The majority of Russia's crude is exported on vessels owned by third parties.

Due to Greek-owned oil tankers shifting capacity to transport Russian oil, the volume of those exports in August 2022 exceeds any previous year "According to Brooks, Business Insider.

Greece has become a new hub for ship-to-ship (STS) loadings of Russian oil.

For the time being, trading in Russian crude and oil products is still permitted because EU members cannot seem to agree on the specifics of a total embargo.