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Sokol Crude Tankers Stranded Off South Korea

OIL

Around 14 tankers carrying a total of 10mn barrels of Russian Sokol grade crude have been stranded off the coast of South Korea near the port of Yosu for weeks, Kpler data showed on Friday.

  • The tankers are unsold due to US sanctions and payment issues, two traders told Reuters.
  • Shipments of Sokol to the Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East according to Reuters.
  • IOC is not expected to receive any Sokol shipments anytime soon due to disagreement over which currency to use for payment, a source close to the firm said.
  • India’s Oil Minister said early Jan that the country has not faced any issues related to payments despite the Sokol grade volumes being stranded.
Energy BulletsCommodities
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