Russian Oil Is Getting Mixed in Singapore and Then Re-Exported, Sources Say
- City state’s storage tank space in demand for blending of fuel
- Russian fuel arrivals in Singapore jumped in December: Vortexa
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Demand is soaring for oil storage tanks in Singapore, in a sign that a flood of Russian fuel is being blended and re-exported globally.
Tank space in the city state is being snapped up due to a rise in interest and profits from mixing cheap fuel supplies from Russia with shipments from other sources, according to an executive from a tank operator and a consultant who advises traders on the matter. That process can help to obscure the cargoes’ origins, they said.