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Russian Oil Loaded To VLCCs For China, India

OIL

At least four Chinese-owned very large crude carrier (VLCC), or supertankers, are shipping Russian Urals crude to China, as Russia seeks vessels for exports after a G7/EU oil price cap restricted the use of Western cargo services and insurance, according to Reuters trading sources and tracking data.

  • A fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers, sources told Reuters.
  • China and India have continued buying Russian oil despite Western sanctions.
  • All five shipments were scheduled between 22 Dec and 23 Jan, according to the sources and Eikon ship tracking data.
  • The price of oil tankers surged following the start of the Russia/Ukraine conflict as shipments were taking much longer journeys after the EU ban on seaborne Russia crude led to crude being diverted to China and India.
Energy BulletsCommodities
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