Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Tankers switch between carrying sanctioned Iranian and Venezuelan crude and Russian crude highlighting the fluidity of the market according to Vortexa.
- Russian crude & DPP exports on carriers involved in sanctioned trade were 780kbd in August 2023, a 220kbd increase m-o-m. The Urals price increase above the G7 price-cap is incentivising operators familiar with sanctioned trade to re-enter this market.
- Higher Urals prices have made the Russian crude are less attractive to Chinese buyers compared to Iranian crude resulting in a switch to the market where demand for tankers is currently higher.
- Some tankers are switching between both markets, suggesting the moves are not as one-sided as it was when the war first started.
- There are 29 tankers observed which have made this switch in recent months. Over 50% of these tankers are Aframaxes and six of them are VLCCs. 31% of these tankers are Chinese-operated, whilst 24% are operated by low-tax sovereigns (BVI, Marshall Islands, Panama and Seychelles).
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok