The U.S. Administration’s pressure on the remaining buyers of Russian crude is not yielding the results desired by President Donald Trump. In fact, in the four weeks to September 28, Russia’s crude oil exports by sea hit their highest level since May 2024, tanker-tracking data monitored by Bloomberg showed on Tuesday.
Russia exported on average 3.62 million barrels per day (bpd) in the four weeks to September 28, according to the data reported by Bloomberg’s Julian Lee, in a sign that neither India nor any other major buyer has so far reduced purchases.
Despite the pressure on India, Russia’s second-biggest crude buyer after China, and the hiked 50% U.S. tariffs on imports of Indian goods due to India’s continued buying of Russian oil, top Indian officials have signaled they would not buck under the pressure. They have even reportedly suggested that India could significantly reduce imports of Russian crude oil if the United States allows purchases of Iranian and Venezuelan oil.
Indian officials have informed U.S. representatives that cutting off all three sanctioned suppliers simultaneously – Russia, Venezuela, and Iran – could lead to a hike in international oil prices, according to Bloomberg sources with knowledge of the talks.
The U.S. pressure on Hungary, Slovakia, and Turkey has not yet yielded any success, either.
Hungary said last week it has no intention of suspending Russian oil imports despite pressure on the whole of the European Union from U.S. President Donald Trump and EU pressure on Hungary specifically.
“We can’t ensure the safe supply [of energy products] for our country without Russian oil or gas sources,” Hungarian Foreign Minister Peter Szijjarto told The Guardian on the sidelines of the United Nations General Assembly in New York.
Despite the highest crude oil exports for more than a year, Russia’s revenues from oil and gas are expected to plunge in September by 23% from a year earlier, as international crude prices have declined and the Russian currency has strengthened, calculations by Reuters showed earlier this month.
By Michael Kern for Oilprice.com
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