Russian oil product cargos are piling up at sea as South Korean buyers grow reluctant to go through with their deals for fear of sanctions.
Russia n oil product cargos are piling up at sea as their South Korea n buyers grow reluctant to go through with their deals amid a government crackdown on sanction evasion, Bloomberg has reported, citing unnamed sources. According to Kpler data, there are over 2 million barrels of Russia n naphtha sitting off the coast of Oman , which is significantly higher than the weekly average for January and February, which came in at some 790,000 barrels.
Argus estimated in March that shipping a barrel of Russian crude from a port in the Baltic Sea to China has cost around $14.50 since December, with more than half of this per-barrel cost attributable to the Western sanctions. The likely directly related-to-sanction cost to hire tankers to transport Russian oil is estimated at about $773 million since the end of December 2023, based on shipments tracked by Bloomberg.
Fuel South Korea Buyers Asia Sanctions Naphtha Oman
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