Record amount of Russian oil stuck on board tankers due to sanctions, Reuters reports

The volume of Russian crude oil currently in tankers at sea is three times higher than the pre-war average, news agency Reuters reports, citing data from energy analytics firm Vortexa.

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A record number of barrels of Russia's flagship Urals oil is sitting in vessels at sea, as traders struggle to find buyers for the oil, Reuters reports.

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About 62 million barrels of Urals oil is currently stuck in transit, according to Vortex.

“The headline numbers, showing Russian exports are still relatively strong, don’t tell the full story. Russian oil at sea is continuing to accumulate,” energy strategist Clay Seigle said.

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Reuters noted that countries are avoiding buying Russian oil for fear of future sanctions.

The number of Urals crude cargoes at the sea without a specific destination is 15% of the total, which is also a new record.

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Some of this oil could be in transit to unknown buyers, and some may be unsold cargoes. Most of the oil goes to India and China. Moreover, supplies to Europe are also growing ahead of a proposed embargo.

Earlier it was reported that China was increasing imports of Far Eastern oil from Russia. The ESPO grade has come with big discounts amid the war in Ukraine and the unwillingness of buyers to purchase Russian crude.