Europe’s oil refineries are increasingly missing out on Russian crude as the world’s biggest energy producer directs more and more barrels by pipeline to China. Russia will ship an average of 19 percent less crude through its main ports on the Baltic and Black Seas in the first five months of 2018 compared with a year earlier, according to loading plans obtained by Bloomberg. Meanwhile piped flows to China soared 43 percent in the first three months, the most recent data from state operator Transneft PJSC show. Source Bloomberg
Jay Powell, the Federal Reserve Chairman, has banned any public appearances by any member of the Fed, Cockburn hears. Appearances at conferences have been canceled, all scheduled interviews have been abandoned and any comments on or off the record are outlawed. Source spectator.us
India’s passenger vehicle industry suffered its worst sales performance in nearly 19 years in July as a slowing economy, higher ownership costs and floods in some states deterred buyers. Source Live Mint
- On Wednesday the U.S. Department of Commerce added China General Nuclear Power Group, the nation’s largest state-owned nuclear company, to the “entity list.”
- That means American companies are now barred from selling products to any company on that has been blacklisted.
- Beijing responded by saying that “most Chinese companies have already prepared for the worst since the onset of the trade war.” Source CNBC
