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flag Russian oil exports to India hit a record, boosting tanker rates, as global prices fell amid supply concerns.

flag Russian crude exports to India hit a record 2.5 million barrels per day in late September and early October, driving tanker freight rates up to $7 million for Aframax vessels and $6.2–6.5 million for Suezmax ships, despite U.S. tariffs on Indian imports and European sanctions enforcement. flag France detained the tanker Boracay, suspected of operating in Russia’s shadow fleet, as part of coordinated efforts to restrict Moscow’s oil revenue. flag Meanwhile, OPEC+ raised output by 137,000 barrels per day in November, the smallest increase considered, amid concerns over a global supply surplus. flag China continues expanding its strategic oil reserves, adding 11 new sites with 169 million barrels of capacity by 2026, while global crude prices fell to near four-year lows, pressured by weak demand and rising supply.

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