Russian Oil Backed Up at Sea After India’s Refiners Step Away
About 60 million barrels has been added to Russian crude at sea since August
Russia shipped 3.18 million barrels a day of crude in the four weeks to Jan. 25, but the pullback by Indian refiners poses a challenge for shippers.
Photographer: Roni Rekomaa/BloombergIndia’s pullback from Russian oil imports is leaving Moscow with the dilemma of what to do with all the crude that it’s pumping onto tankers but is unable to offload at refineries.
Russia shipped 3.18 million barrels a day in the four weeks to Jan. 25, according to vessel-tracking data compiled by Bloomberg. That’s little changed from the period to Jan. 18, but down by about 680,000 barrels a day from the pre-Christmas peak and the lowest since August.