According to statistics from energy analytics firm Vortex, 62 million barrels of Russia’s flagship Urals crude oil are lying in ships at sea, a record number, as traders struggle to find clients for the material.
Because of Russia’s invasion of Ukraine, the United States and other nations have blocked imports of Russian crude and oil products, while others have avoided obtaining cargoes for fear of further sanctions. A Russian oil embargo is being considered by the European Commission.
Despite Russian seaborne oil shipments falling to 6.7 million barrels per day (bpd) so far in May, down nearly 15% from 7.9 bpd in February, Vortexa claimed the volume of Urals crude oil on the water is triple the pre-war average.
“The headline data, which show Russian exports are still reasonably strong, don’t convey the whole story,” said Clay Seigle, an oil strategist based in Houston. “The accumulation of Russian oil at sea continues.”
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