Amid the lower projections, the department said, "India remains the key export destination for Australian metallurgical coal along with Japan, with volumes remaining relatively stable for both."

Total Russian seaborne crude exports reached 3.9 million-4 million b/d in March and April, boosted by multi-month high shipments to India, and around the highest since Russia invaded Ukraine in February 2022.

For 2023 as a whole, Indonesian exports scaled a new high of 504.6 million tons, so if the blistering pace of exports seen so far this year is sustained, 2024 will mark a new high for Indonesian exports of the power fuel.

The US was the supplier of 56% of the total, with some 14% coming from Russia and 10% from Algeria. Notably, around 7% was also originating from Qatar and 4% from Nigeria.

Naphtha and fuel oil are loaded onto Clearocean Apollon Clyde Noble tankers at the nearby Ust-Luga Oil terminal.

Oil ministry officials said India diversified its sources to import crude from as many as 39 nations and hoped the return of OPEC member Venezuela would add to the country's list of steady suppliers.

Over the next five years North America’s liquefied natural gas (LNG) export capacity to expand by 12.9 billion cubic feet per day (Bcf/d) as Mexico and Canada place into service their first LNG export terminals and the United States adds to its 11.4 Bcf/d of existing LNG capacity.

Since Western sanctions over the war in Ukraine cut off Russia from many of its established trading partners, state companies from Saudi Arabia and the United Arab Emirates have stepped in to take advantage of discounted prices for Russian products,

U.S. LNG exports will average 12.1 billion cubic feet per day (Bcf/d) in 2023, a 14% (1.5 Bcf/d) increase compared with last year. We expect LNG exports to increase by an additional 5% (0.7 Bcf/d) next year.

The EU banned imports of Russian oil products from Feb. 5, two months after imposing restrictions on seaborne crude shipments from the country.