Russia's crude oil exports hit a record high in August

Russia's oil production continues to exceed expectations as the conflict between Russia and Ukraine continues for six months. Russian oil shipments reached their highest level in August for the period, according to the Institute of International Finance (IIF), with Greek-owned tankers playing the biggest role in helping Russian oil reach international markets. Robin Brooks, chief economist at the Institute of International Finance, said that just under 160 million barrels of tanker capacity left Russian ports in August, higher than in any previous August. "Russia exports most of its crude oil on foreign-owned tankers. August 2022 saw more shipments than any previous year due to Greek-owned tankers used to transport Russian oil, "Brooks said. A few months ago, foreign media reported that Greece had become a new hub for Russian oil shipments via ship-to-ship (STS). For now, trading in Russian oil and petroleum products remains legal, as EU member states appear unable to agree on a way to completely ban it. Despite all the tough talk about abandoning Russia's energy commodities, the country still sells a fair amount of oil and gas. Vitol, Glencore, Gunvor and Trafigura all continue to import large amounts of Russian oil and products, including diesel, according to ship tracking and port data.