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According to Bloomberg citing tracking data from Vortexa, Kpler, and OilX, there are currently around one billion barrels of oil stored on tankers across the world’s oceans, with a disproportionate share coming from sanctioned countries, UATV English reports.
- Since the end of August, oil stored on ships has increased by approximately 40%, largely from Russia, Iran, Venezuela, or unknown sources. Even at the lowest estimates (around 20%), this exceeds these countries’ share in global production.
- The majority of this sanctioned oil is Russian, as Moscow ramped up output by lifting previous production limits with OPEC+ partners.
“Part of this increase is also linked to stricter Western sanctions, which have left Russian oil stranded on tankers, unable to be unloaded,” analysts at Clarksons Securities noted.
Western restrictions on buyers prevent some deliveries from being offloaded—for example, Indian refineries are refusing shipments. U.S. sanctions against Russia’s Rosneft and Lukoil have further complicated trade. At the same time, Ukrainian drone attacks on refineries have pushed Russia to increase maritime shipments and reroute flows in recent weeks.
Analysts emphasize that stored oil is not necessarily unsellable, but it reduces revenue for sanctioned oil-producing countries and may contribute to a global oversupply, affecting oil prices in the coming months.
Earlier reports indicated that Russia is expected to lose at least $37 billion in budget oil and gas revenues this year.
