- WTI fell to $71/Bbl after China announced retaliatory measures against Trump’s tariffs
- China announced a 10% tariff fee on crude, sending futures below where they ended in 2024
- The US shipped an average of 250 MBbl/d of crude to China last year, a relatively small volume, but an escalation between the two countries could have wider consequences and hurt global consumption
- Russian tankers face issues unloading exported crude after US sanctions (BBG)
- Russian crude continues to flow but the completion of shipments is beginning to stall
- Two of nine crude cargoes from the Eastern Sakhalin Island have discharged, while the other seven are idling in the Pacific
- Daily crude flows in the seven days to February 2 fell by about 130 MBbl, or 4%, from the previous week
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