Knowledge from Bloomberg means that US President Trump’s risk of punitive tariffs in opposition to India has apparently already had an impact, Commerzbank’s commodity analyst Carsten Fritsch notes.
China’s crude oil imports stay excessive
“In line with the info, Russia’s seaborne oil shipments to India fell to simply 460,000 barrels per day final week. This was the third vital weekly decline in a row and the bottom degree since April 2022. Till mid-July, the four-week common of Russian oil deliveries to India was nonetheless round 1.6 million barrels per day.”
“In line with folks aware of the matter, state-owned refineries are to cease shopping for Russian oil. US President Trump has now imposed a further punitive tariff of 25% on India, which is to come back into pressure in three weeks. With the reciprocal tariffs taking impact this week, the whole tariff price would then rise to 50%.”
“China can be beneath stress from Trump due to its oil purchases from Russia. In line with customs knowledge, China’s crude oil imports totaled 47.2 million tons, or 11.13 million barrels per day, in July. Though this was 5.4% lower than within the earlier month, it was 11.5% greater than in the identical month final yr. The customs authority will publish knowledge on the origin of imports later this month. In June, imports from Russia amounted to 2 million barrels per day, making Russia China’s most essential oil provider.”
