Russian Oil Stuck In The Ocean

Bloomberg has calculated how much crude is drifting on tankers.

A record volume of oil - almost 1 billion barrels - has accumulated in tankers around the world. A significant part of which originates from under-sanctioned states.

According to Bloomberg.

Since the end of August, stocks of "floating" oil have increased by about 40%, and almost all of the increase is accounted for by crude from Russia, Iran, Venezuela or countries with uncertain origins.

According to analysts, it was Russian oil that was the main factor in this growth. Traders believe that its further fate will determine the dynamics of oil prices in the coming months.

Bloomberg notes that the excess of crude in tankers could hit the revenues of sub-sanctioned countries and affect the global market, which is heading for oversupply. Meanwhile, the overloaded tanker fleet is recording record costs of more than $100,000 per day per vessel.

According to the agency's calculations, Russia's oil tax revenues fell more than 24% year-on-year in October. Despite this, the Kremlin in its 2025 budget forecasts a rise in energy export revenues over the next three years, hoping for a recovery in Urals oil prices.

At the same time, Saudi Arabia and the United States have also joined the increase in oil volumes at sea, and it was recently reported that India and China have begun cutting back on purchases of Russian fuel, excluding it from tenders since December.

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