The falling price of oil is driving a clear shift away from Russian oil trades, according to broker Lorentzen & Co.
Russia became China’s top crude supplier in January and February after Moscow was forced to divert oil intended for the European Union following the bloc’s ban on imports.
But the falling oil price sparked by concerns of a new banking crisis has seen a switch to longer-haul trades into Asia from the US Gulf and Brazil, said chief shipping analyst Nicolai Hansteen.
