The United States and other countries have banned or restricted imports of Russian oil and petroleum products due to the invasion of Ukraine by Russian troops.
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Some countries are concerned about buying Russian oil for fear of future sanctions. The European Union is considering imposing an embargo on Russian oil.
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The volume of Russian Urals oil at sea is now three times higher than the pre-war average.
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This is despite the fact that Russian oil exports by sea have fallen to 6.7 million barrels a day this month from 7.9 million barrels a day in February.
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“The main figures, which show that exports from Russia are still relatively high, do not tell the whole situation,” said Energy Market analyst Clay Seigle. “Russian oil continues to accumulate at sea,” he added.
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Non-location oil costs now account for 15 percent of total oil costs. This is also a record. Part of this oil may be transit to unknown customers, the rest could be unsold cargo.
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