Bloomberg: Russian oil tankers face buyer shortage across Asia

More than a dozen tankers carrying Russian Urals crude are facing difficulties in Asia, unable to secure buyers.

The tankers are sailing toward Asia or idling en route as producers rush to move cargoes closer to China while India pulls back from the trade, Bloomberg reports, citing data intelligence firm Kpler.

Together carrying 10–12 million barrels of oil, these ships are scattered throughout the Indian Ocean and along the shores of Malaysia, China, and Russia.

Five vessels show statuses indicating no confirmed buyer or discharge port. Four are anchored off the coasts of Malaysia, China, or the Russian Far East without a set destination, while six are heading toward Singapore and Malaysia, likely to popular transhipment points in the South China Sea.

Most of these ships carry Urals crude, totalling an estimated 10–12 million barrels. The volume could rise in the near term due to ongoing uncertainty over shipments to India.

This week, US President Donald Trump announced an agreement with India, reportedly involving a tariff reduction to 18 percent, claiming that Indian authorities agreed to halt imports of Russian oil. 

Indian Prime Minister Narendra Modi has not confirmed this, but market participants note that local firms have sharply reduced Russian crude purchases and are reluctant to increase them.

Meanwhile, imports of Urals by independent Chinese refineries have surged, though experts doubt they can process all the additional supply. State-owned Chinese refineries continue to avoid Russian purchases due to potential sanctions. As a result, Urals prices for India and China have fallen to record lows.

Russia’s oil and gas revenues fell to 393.3 billion rubles (approximately  $5.11 billion) in January, the lowest since summer 2020. In February, the Finance Ministry expects a shortfall of 200 billion rubles (around $2.60 billion) compared with the baseline revenue level.

By Jeyhun Aghazada