- Millions of barrels of Russian oil heading to India never reached their destination, Bloomberg reported.
- The tankers holding the cargoes are now reported to be idling at sea.
- US sanctions on Russia may be part of why the ships never completed their deliveries.
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Roughly five million barrels of Russian oil that were on the way to India never reached their destination, Bloomberg reported.
The cargoes of Russia's Sokol grade crude were supposed to arrive over the past four weeks, but instead, the relevant tankers are reported to be idling at sea, miles out from their intended ports.
It's unclear why the ships haven't arrived, but the report said sanctions on sellers moving Russian crude above the $60 price cap set by G7 nations might be part of the explanation.
The US Treasury has sanctioned eight ships tied to the crude cargoes since October, with six of them owned by Russia's Sovcomflot PJSC.
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Bloomberg reported that one vessel, which was headed to the port of Vadinar in India, had been idle near Sri Lanka since November 16, and two more Sovcomflot ships heading to the same place had joined it in the past week.
Meanwhile, the report said, three other ships heading to the Paradip port in east India should have arrived but had not.
Russia's weekly oil flows rose to the highest level in five months in the seven days up to December 10, Bloomberg shipping data showed. Exports in that stretch hit 3.76 million barrels a day.
That increase came as OPEC+ committed to reducing crude production to help stabilize prices. The group says it plans to cut production by a total of 2.2 million barrels a day through the first quarter of 2024, with some of that coming from Russia.
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Oil prices have softened over recent weeks amid a US production boom and an uncertain demand outlook. On Wednesday, West Texas Intermediate moved 1.69% higher to $75.18 a barrel. Brent crude, the international benchmark, climbed 1.51% to $80.46 a barrel.
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December 20, 2023 at 10:06PM
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Russian Oil Headed to India Never Arrived, Stuck on Tankers - Markets Insider
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