www.bloomberg.com
At least 12 vessels carrying Russian Urals crude are idling near the Omani coast, signaling a supply glut. Additional tankers have anchored off China, waiting to unload. This congestion is driven by new Western sanctions targeting Russian oil trade and tighter shipping insurance rules. The backlog creates logistical bottlenecks and adds pressure on global oil shipping rates. As buyers hesitate to take sanctioned oil, the number of “floating storage” tankers is growing, complicating the market outlook for Russian exports. (59 words)
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