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1 Billion Barrels Of Oil Have Accumulated On Tankers In The World's Oceans

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1 Billion Barrels Of Oil Have Accumulated On Tankers In The World's Oceans
Illustrative photo

Bloomberg reported the reason.

About 1 billion barrels of crude oil, including from Russia, have accumulated on tankers in the world's oceans. This was reported on November 12 by Bloomberg.

According to analytical data from Vortexa, Kpler and OilX, 40% of the oil on tankers that have accumulated in the oceans since late August is accounted for by countries under international sanctions - Russia, Iran and Venezuela.

According to Bloomberg analysis, most of the oil accumulated on tankers is from the Russian Federation.

The agency pointed out that the volume of Russian oil shipments by sea has increased in recent weeks due to Russia's increased production in accordance with OPEC+ agreements. It is likely that some crude oil is being redirected to export terminals due to Ukrainian attacks on Russia's oil infrastructure, particularly refineries, Bloomberg wrote.

Traders estimate that the fate of all this crude oil delivered by sea will largely determine the dynamics of oil prices in the coming months.

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