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OIL: Sanctions Forcing More Russia/Iran Barrels onto the Water

OIL
BulletEnergy BulletsCommodities

Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.

  • A ban last month by China's Shandong Port Group on sanctioned tankers from calling at its ports in the eastern province has also made offloading cargoes difficult.
  • Kpler places Iranian oil in floating storage at more than 25mn bbls, the highest in more than a year, with about 80% of the cargoes floating off the waters of Singapore and Malaysia.
  • Russian crude-on-water hit a two-month high of 88 million barrels on January 27, 24% higher than on January 10 when the sanctions were announced according to Kpler.
  • About 6.3 million barrels of Pacific crude from Russia’s Sakhalin Island project is being held on vessels that have been stationary for at least a week Bloomberg reported on Tuesday.
  • Several vessels previously engaged in moving Iranian oil are switching to Russian trade recently Kpler has seen. 
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Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.

  • A ban last month by China's Shandong Port Group on sanctioned tankers from calling at its ports in the eastern province has also made offloading cargoes difficult.
  • Kpler places Iranian oil in floating storage at more than 25mn bbls, the highest in more than a year, with about 80% of the cargoes floating off the waters of Singapore and Malaysia.
  • Russian crude-on-water hit a two-month high of 88 million barrels on January 27, 24% higher than on January 10 when the sanctions were announced according to Kpler.
  • About 6.3 million barrels of Pacific crude from Russia’s Sakhalin Island project is being held on vessels that have been stationary for at least a week Bloomberg reported on Tuesday.
  • Several vessels previously engaged in moving Iranian oil are switching to Russian trade recently Kpler has seen.