Data and Financial Journalist
Despite sanctions, Russia’s crude oil exports remain steady. Trade flows have pivoted from Europe to Asia, with China and India now the top buyers. India’s growing imports—and its refusal to join Western sanctions—have triggered steep new U.S. tariffs.
Roughly 20% of global oil and LNG flows through the Strait of Hormuz—making any disruption a potential shock to global energy markets.
Global commodity prices are set to tumble to a five-year low in 2025 amid an oil glut—so large that it is likely to limit the price effects even of a wider conflict in the Middle East
In the second half of 2023, international factors supported economic growth, with exports boosting GDP despite a strong dollar. US petroleum exports hit record highs, making the U.S. a net exporter, but trade with China dropped, with imports falling 20% and exports down by nearly 5%. As of July 1, 2023, U.S. petroleum exports exceeded…