Russia’s oil exports to Asia rose 84% in August to around 130,000 barrels per day compared with July, according to preliminary data from Vortexa Ltd.
Reflecting the difficult conditions, Asian oil production margins are negative at minus $17/bbl. In addition, forward price spreads for this fuel are in contango, a bearish pattern signalling large supply in the near term.
Due to censorship and blocking of all media and alternative views, stay tuned to our Telegram channel