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Russian Oil Tanker Fleet Too Small To Bypass Price Cap

OIL

Russia’s oil tanker fleet is too small to fully get around the planned EU, G7 and Australian price cap on Russian crude oil exports, resulting in export declines, analysts and market watchers said to Reuters.

  • Maintaining current seaborne flows of 3.5mn bpd would require about a third more oil tankers than Russia has access to, said Alexei Gromov, analyst at the Institute for Energy and Finance Foundation.
  • The amount Russia would be unable to export is expected to increase when EU sanctions on Russian refined product shipments take effect on 5 Feb.
  • This could mean Russia halts exports of around 1mbpd, compared with current flows at 3.5mbpd.
  • So far, the impact of Western financial sanctions and of refiners avoiding Russian product has been limited because of increased buying from China and India.
Energy BulletsCommodities
Energy BulletsCommodities

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