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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.
OIL
Ship-to-ship transfer activities likely linked to Russia, Iran and Venezuela increased in the third quarter of this year, as sanctioned producers faced stronger incentives to boost sales amid a rise in international crude prices, taking advantage of the 'shadow' fleet according to industry participants, cited by Platts.
- Dark fleet STS transfers reached 792 globally in 3Q24, up from 615 between April-June and the highest since at least 2022 according to S&P data.
- 432 dark STS transfers are estimated to be in Russia's exclusive economic zone in Q3, compared with 394 in Q2 and just four in Q1 2022, when Russia invaded Ukraine.
- This was in addition to a rise to 81 operations in the Persian Gulf and Iranian waters in Q3 from 45 the previous quarter, and an increase to 27 from 17 in Venezuelan waters and Venezuela/West Africa trade lanes.
- A total of 115.2mn barrels of crude and products were potentially transferred via dark STS in Q3, up from 93.9mn barrels in Q2 and 55.5mn barrels in Q3 2022.
- "Rise in the price of crude oil provides higher potential profits for those traders able to circumvent or violate sanctions," said Isaac Levi, an analyst at Centre for Research on Energy and Clean Air.
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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