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Russia to the East: Sino-Indo Seesaw

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As highlighted in the Petro-Logistics Quick Alert of August 4, July saw Russia send more crude to China than India for the second month in a row. Based on load dates, exports to China including pipeline, direct seaborne, and STS were 212 kb/d higher than to India. While actual Indian imports in July hit a record high of 2247 kb/d, they will be coming down soon given the transit lag from export to import data. Going forward, the Chinese have strong structural factors to hold up or even increase intake, while the Indians will remain more price sensitive.

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