Bloomberg: About 40% of the oil stored at sea has a sanctioned origin
According to Bloomberg News, over the past three months, about one billion barrels of oil have accumulated on tankers in the world’s seas, one reason being sanctions against various countries and oil companies.
This news is based on data from specialized companies Vortexa, Kpler, and OilX.
According to Bloomberg’s report, a significant portion of this oil comes from countries under sanctions, with various estimates indicating that 20 to 40 percent of this oil originates from Russia, Iran, and Venezuela.
Bloomberg writes that this is an indication that Western sanctions have disrupted global fossil fuel trade.
The share of these three countries in global oil production is about 17 percent, meaning their oil is accumulating on tankers faster than other countries.
Bloomberg adds that this accumulation is related both to increased production, including in Russia, and to the direct impact of sanctions.