Russian oil tankers are idling en masse near India and Oman

India’s refusal to import Russian oil presents Moscow with a dilemma: what to do with all the crude oil it pumps onto tankers but cannot ship to refineries.

According to ship-tracking data compiled by Bloomberg, Russia shipped 3.18 million barrels per day in the four weeks to Jan. 25. That’s about 680,000 barrels per day less than the pre-Christmas peak and the lowest since August.

Russian crude shipments to Indian ports fell sharply last month, falling to about 1.2 million barrels per day, the lowest in more than three years. Initial data suggests they fell further in January, with tracking data showing imports averaging 1.12 million barrels per day in the first 25 days. The drop coincides with a European Union ban on imports of refined products made from Russian crude that took effect on Jan. 21.

India’s slump in purchases has led to a sharp increase in the number of tankers lying idle off its coast and neighboring Oman in recent weeks. While the number of vessels waiting near Oman has been gradually decreasing, most of those that have departed are now lying closer to the Indian coast, while others are heading to China. Only one has discharged its cargo during this period.

The publication adds that Russian exporters are likely using oil storage tanks in Indonesia. Ship tracking data shows that at least three shipments were unloaded in Karimun near Singapore, Balikpapan on the island of Borneo and Tanjung Intan on Java.

The total volume of Russian oil on tankers at sea has stabilized at around 140 million barrels. At the same time, Russian crude oil reserves at sea have increased by around 60 million barrels since the end of August.

As a reminder, a sanctioned oil tanker belonging to the Russian shadow fleet, which was transporting Russian oil, is drifting in the Mediterranean Sea off the coast of Algeria .

As reported, French naval forces, supported by intelligence provided by the United Kingdom, intercepted a Russian shadow fleet tanker in the Mediterranean Sea.

In addition, the US military took control of the oil tanker Sagitta in the waters of the Caribbean Sea, which is linked to the so-called “shadow fleet” of Russia.

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