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Floating Storage of Urals Rising


Around 62 million barrels of Russia's flagship Urals, a record amount, is sitting on vessels at sea according to Vortexa.

  • The volume of Urals crude oil on the water is triple the pre-war average even as Russian seaborne oil exports have fallen to 6.7 million bpd so far in May, down about 15% from the 7.9 million bpd in February.
  • Russian crude flows have been disrupted by US sanctions as well as self-sanctioning throughout Europe and elsewhere. Excess flows have failed to find a suitable outlet with India and China so far unable to soak up excess barrels.

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