About 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are sitting in vessels at sea.
That’s according to Reuters citing data from energy analytics firm Vortexa.
The reason behind this phenomenon is that traders struggle to find buyers for Russia’s “black gold”.
It is noted that the United States and a number of other countries have already banned imports of Russian crude and oil products over its invasion of Ukraine. Other countries avoid buying Russian cargoes for fear of future sanctions. The EU is also currently considering an embargo on Russian oil.
According to Vortexa, the volume of Urals crude oil on the water is three times higher than the pre-war average. Currently, the number of Urals cargoes at sea with no set destination is 15% of the total, also a new high.
Some of this oil may be on the way to undisclosed buyers, and others may still be unsold cargoes.
As Ukrinform reported, the Russian oil monopoly company Transneft has restricted access to monthly schedules for oil exports from Russian ports.