By Reuters Staff2 Min ReadFILE PHOTO: The Russian vessel Tantal, an oil/chemical tanker, is seen at sea exterior the far japanese metropolis of Vladivostok, Russia October 9, 2017. Picture taken October 9, 2017. REUTERS/Stringer/File PhotoHOUSTON (Reuters) – Some 62 million barrels of Russia’s flagship Urals crude oil, a file quantity, are sitting in vessels at sea, information from vitality analytics agency Vortexa confirmed, as merchants struggled to seek out patrons for the crude.The United States and different international locations have banned imports of Russian crude and oil merchandise over its invasion of Ukraine, and others have averted buying cargoes out of concern of future sanctions. The European Commission is contemplating an embargo of Russian oil.The quantity of Urals crude oil on the water is triple the pre-war common, Vortexa stated, whilst Russian seaborne oil exports fell to six.7 million barrels per day (bpd) thus far in May, down about 15% from the 7.9 bpd in February.“The headline numbers, showing Russian exports are still relatively strong, don’t tell the full story,” stated Houston-based vitality strategist Clay Seigle. “Russian oil at sea is continuing to accumulate.”The variety of Urals cargoes at sea with no set vacation spot is 15% of the whole, additionally a brand new excessive, Seigle added. Some of the oil might be in transit to undisclosed patrons, whereas others might be unsold cargoes.Most barrels of Russian crude oil have headed to Asia, primarily India and China, whereas volumes to Europe have additionally ticked up forward of a ban.Reporting by Arathy Somasekhar in Houston; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Cargoes of Russia's flagship crude oil at sea climb to file excessive
