Oil accumulates on tankers of Russia’s “shadow” fleet
3 December 12:14
After the adoption of large-scale US sanctions against Russian oil in October, Russia is finding it increasingly difficult to find buyers for it, and more and more oil is accumulating on the tankers of its “shadow” fleet at sea, "Komersant Ukrainian" writes with reference to Bloomberg.
According to the agency, Russia, despite the sanctions, continues to export oil from its ports in the same volumes, which turns tankers into floating oil storage facilities.
At the same time, for the first time in six weeks, sea transportation of Russian oil increased in November. According to Bloomberg, in the four weeks to November 30, Russia shipped 3.46 million barrels per day, which is about 210,000 barrels more than in the same period to November 23. This is the first increase since the US announced sanctions against Rosneft and Lukoil.
The volume of oil from Russia at sea increased by 21% in the fall
At the end of November, tankers of the Russian “shadow” fleet carried more than 180 million barrels of oil, which is 21% more than at the end of August, when US President Donald Trump raised duties against India for Russian oil exports. At the same time, the time for tankers to travel from Kozmino on the Pacific coast of Russia to Chinese ports increased by one and a half times – from 8 days in August to 12 days in November.
Vessels are spending more time at sea, deviating from their original destinations on the west coast of India or Turkey, or staying at sea waiting to unload in ports, Bloomberg further notes. Suppliers’ costs are rising, which, given the decline in the price of Russian oil, reduces Russian export revenues.
US sanctions against Lukoil and Rosneft
In October of this year, Russian oil companies Lukoil and Rosneft, as well as their 34 subsidiaries, were sanctioned by Washington and London amid Russia’s war against Ukraine.
The US then pointed to “Russia’s lack of serious interest in the peace process” to end the war.
