Russia Expands Oil Exports To China Via Arctic

With Europe out of the picture due to sanctions, Russia has begun rerouting oil previously destined for the continent to China and Asia via the Arctic Ocean’s North Sea Route (NSR). Russia sent two initial crude oil shipments to China in mid-July, with four more oil tankers currently headed the same way via the Arctic, each carrying around 750,000 barrels of crude oil. The Arctic shortcut is around 30% faster than the traditional route through the Suez Canal, and experts are saying the NSR will be key to diverting the flow of crude…