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Russian Crude Oil In Floating Storage Rises

OIL

Russian crude oil volumes in floating storage have been rising, Oil Brokerage said in a note, cited by Bloomberg.

  • Russian crude oil that has been floating for more than seven days and less than 30 days rose to almost 6mn barrels, with half of it floating off India in Aframaxes.
  • The increase in floating volumes could be linked to Indian refiners refusing Russian oil delivered on PJSC Sovcomflot tankers due to US sanctions.
  • China is importing the majority of Russian crude shipped on Sovcomflot vessels since December. India invited around seven fewer Sovcomflot Aframaxes from December to February, but China invited only 2-3 more, Oil Brokerage said.
  • A similar trend has been seen with Russian products supply. Russian diesel supply is starting to pile up on tankers, with an average of 6.2mn barrels of diesel floating in the ten days to 17 March, Kpler data showed, the highest since 2017.
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