Russian oil stuck at sea: US sanctions put the Kremlin in a difficult position
Фото: Reuters
About 48 million barrels of Russian oil could be stuck at sea for a long time due to new US sanctions against Rosneft and Lukoil. The restrictions have caused dozens of tankers to change routes and look for new buyers, especially after Indian refineries began sharply reducing purchases.
This is reported by Bloomberg.
Demand for tankers from the Middle East has surged, and freight rates have jumped to a nearly five-year high.
Analysts explain that some tankers are already heading without clear destinations or are heading to smaller ports where traders are trying to transship the oil unobtrusively. This applies to almost 50 vessels carrying Urals and ESPO to China, India or are in the “gray zone” of expectations. Some tankers have already changed course several times, such as Spirit 2 or Furia, which headed back to India after forced U-turns.
The Cindy tanker, carrying ESPO oil, is heading for waters near Singapore, a region where transshipment is often done to hide the true origin of the cargo. Another vessel, the Fortis, is heading for Yeosu, Korea, another popular transshipment point.
Despite the difficulties, Moscow is trying to maintain export volumes: they currently amount to about 3.4 million barrels per day. Experts emphasize that markets will adapt over time, but in the coming months Russia may face supply delays and demand instability.
It was previously reported that expanded sanctions restrictions aimed at Chinese ports and oil refineries are significantly hindering the flow of Russian and Iranian oil to China , the largest consumer of “black gold” in the world.
As a reminder, world oil prices continued to decline amid increased US initiatives regarding a possible peace agreement between Ukraine and Russia.
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