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OIL
Greek oil tanker owners, the world’s most powerful shipping nation, are cutting back on transporting Russian crude, according to Bloomberg.
- The number of Greek-owned tankers headed to Russia in November is down 25% on the month, and down 60% since June.
- This could create difficulties for Russia, which remains reliant on Western tankers to transport its crude and products.
- Greek owned vessels are still hauling around 20% of Urals cargoes and around 1 in 7 of all Russian crude cargoes.
- Greek tankers had been alarmed following a letter from the US treasury asking for details on how they were complying with the G7 Price cap on Russian oil. This has caused some to scale back Russian operations.
- Some may return to hauling Russian cargoes after evaluating the ramifications of the letter, Bloomberg said.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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