Volumes of Sanctioned Oil on Tankers Rise Due to Russian Supplies
According to analytical companies, oil volumes on tankers have increased to 40% due to supplies from Russia, Iran, and Venezuela, which could significantly impact oil market prices in the near future.
Analysis by Vortexa, Kpler, and OilX indicates that there has been a significant accumulation of oil on tankers in the global oceans since late August. Despite the fact that up to 40% of this growth accounts for oil from countries under sanctions or of unclear origin, even the lower range of 20% exceeds their share in the global production. This creates risks for the economies of these countries and impacts the global market, where an oversupply is expected.
The increase in oil is attributed not only to a rise in production but also to difficulties in unloading it. Western sanctions and an overloaded tanker fleet complicate logistical operations. According to Bloomberg’s calculations, in October, tax revenue from oil sales in Russia fell by more than 24% compared to the same period last year.
According to the expectations of the Russian government, revenue from oil and gas sales this year will be the lowest since the pandemic. They are counting on the recovery of Urals oil prices in the future. Analysts note that this situation may impact the global oil market, as Saudi Arabia and the United States have also increased supplies, while India and China are reducing purchases of Russian fuel.
Additionally, U.S. sanctions against Russia’s largest oil companies, Rosneft and Lukoil, have exacerbated problems in Russia’s oil industry. In response to the sanctions, discounts on Russian oil have increased, and China, India, and Turkey have started refusing its purchases.
| Country | Share in Growth |
|---|---|
| Russia | 40% |
| Iran | 20% |
| Venezuela | 20% |
