Overview
- Global oil held at sea has jumped roughly 40% since late August, with most of the rise tied to barrels from Russia, Iran, Venezuela or of unknown origin, according to Vortexa, Kpler and OilX data reported by Bloomberg.
- Chinese state firms paused seaborne purchases of Russian crude after sanctions on Lukoil and Rosneft, while refiners in India and Turkey have refused or shifted supplies, with about 400,000 barrels a day of Chinese demand affected.
- In October, 140 tankers departed Russian ports carrying 15.97 million tonnes, including 84 vessels in Russia’s shadow fleet and 72 under sanctions, with most cargoes bound for India, China and Turkey, Ukraine’s foreign intelligence service reported.
- Tanker logistics are under strain as daily shipping costs have climbed above $100,000 and more cargoes linger offshore awaiting discharge.
- Bloomberg calculations show Russia’s oil tax receipts fell more than 24% year over year last month as the country lifted prior OPEC+ limits and boosted seaborne shipments following refinery disruptions.