Russian Crude Is Slowly Being Squeezed Out of Europe

Shipments to Russia’s Asian customers, plus those on vessels showing no final destination, which typically end up in either India or China, rose to their highest in five weeks. All of the tankers carrying crude to unidentified Asian destinations are signaling Port Said or the Suez Canal, with final discharge points unlikely to be apparent until they have passed through the waterway into the Red Sea, at the earliest. Most of those ships end up in India, though an increasing number have been heading to China in recent weeks.