A record 62 million barrels of Russian Urals oil are on ships stuck at sea due to sanctions imposed against Russia.
Traders, as reported Reuters with reference to the data of the energy analytical company Vortexa, they are trying to find buyers for it, but in vain – no one is willing. The import of Russian oil and oil products, due to the Russian invasion of Ukraine, was banned by European countries and the United States. Therefore, other states do not take risks, fearing that they themselves will fall under potential sanctions.
According to Vortexa, the volume of crude oil on water is three times the pre-war average. And this is despite the fact that in May the export of Russian offshore oil fell to 6.7 million barrels per day (by 15% compared to February). Clay Siegl, Houston-based energy expert, says:
“The overall figures suggesting that Russian exports are still relatively strong don’t tell the whole story. Russian oil at sea continues to pile up.”
The agency notes that the majority of crude oil is sent to Asia, mainly to India and China.