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Oil on the Water Soaring on Sanctions

OIL

About 1.2 billion barrels of crude oil were on the water as of last week, the highest for the time of the year in data going back to 2016, according to Vortexa.

  • Russia has been forced by sanctions to send its crude thousands of miles further to reach customers in Asia. That shift is now being compounded by rising Chinese demand after lockdowns have lifted.

source: Vortexa

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