Russian Oil to Be Stashed in Ghana as Pool of Buyers Shrinks
An employee looks across the oil and fuel storage facility at the Bashneft-Ufaneftekhim oil refinery in Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
A cargo of Russian oil is heading for storage tanks in Ghana, a nation that exports crude itself and is on the doorstep of two regional supply powerhouses.
The development suggests that traders could be scouring the market for new buyers of Russian barrels after the European Union stopped almost all seaborne imports from the country in December. The bloc’s measures made Moscow hugely reliant on Chinese and Indian purchases.