The downturn in Indian acquisition of Russian petroleum has precipitated a noticeable upsurge in the count of tankers unable to discharge their cargo, thus remaining stationary in proximity to the shores of South Asia and the Middle East.
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India's lessened intake of Russian crude has brought about a congestion of numerous tankers laden with oil, finding themselves marooned offshore for several weeks, unable to offload. Some are clustered near the Indian seaboard, while others are situated in the vicinity of Oman.
This information originates from Bloomberg.
According to the news outlet, although the quantity of tankers positioned off the Omani coast is gradually diminishing, the bulk of vessels departing that region have repositioned themselves closer to India. Some tankers have altered their trajectory towards China, yet only a solitary ship has succeeded in unloading its goods.
The aggregate measure of Russian oil presently stockpiled on tankers at sea is approximated at 140 million barrels, underscoring substantial hurdles in the sale of raw materials amidst the contraction of principal export locations.
Bloomberg points out that Russian petroleum consignments to Indian harbors underwent a steep decline the prior month, reaching about 1.2 million barrels daily, marking the lowest point in three years.
In January, the reduction in imports persisted: during the initial 25 days of the month, the mean volume of supplies amounted to a mere 1.12 million barrels per day. Analysts attribute this trend, notably, to the enforcement of the European Union prohibition on the importation of oil products derived from Russian crude, which took effect on January 21.
It was previously documented that the large-capacity tanker Progress, subjected to sanctions for the conveyance of Russian oil, forfeited control in the Mediterranean Sea, adjacent to the Algerian coastline.
We previously communicated that India's procurement of Russian crude might descend beneath the threshold of 1 million barrels each day as the nation endeavors to finalize a commercial arrangement with the US.